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India Stock Market Crash: Rs 5.18 Lakh Cr Lost Amid Iran-Israel Conflict

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By Rediff Money Desk, NEWDELHI   Apr 15, 2024 18:03

Indian stock markets plunged on Monday, wiping out Rs 5.18 lakh crore from investor wealth amid escalating tensions between Iran and Israel. The Sensex tanked 1.14%, led by declines in Wipro, Bajaj Finserv, and ICICI Bank.
India Stock Market Crash: Rs 5.18 Lakh Cr Lost Amid Iran-Israel Conflict
New Delhi, Apr 15 (PTI) A sharp plunge in the stock market wiped out Rs 5.18 lakh crore from investors' wealth on Monday as an escalating conflict in the Middle East hit the market sentiment.

Falling for the second day in a row, the 30-share BSE Sensex tanked 845.12 points or 1.14 per cent to settle at 73,399.78. During the day, it plunged 929.74 points or 1.25 per cent to 73,315.16.

The market capitalisation of BSE-listed companies fell by Rs 5,18,953.97 crore to Rs 3,94,48,097.94 crore (USD 4.73 trillion).

"The worsening situation in the Middle-East with conflict between Iran and Israel flaring up had engulfed Dalal Street. Investors worldwide, including in India, have turned cautious and resorted to profit-taking. Geopolitical tensions and uncertainty over interest rate cuts could have a bearing on the markets," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

From the Sensex basket, Wipro, Bajaj Finserv, ICICI Bank, Larsen & Toubro, Bajaj Finance, Tata Motors, Tech Mahindra and HDFC Bank were the major laggards.

Maruti, Nestle, Sun Pharma were the gainers.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the positive territory. European markets were trading mostly on a positive note. Wall Street ended significantly lower on Friday.

Wholesale inflation in the country rose marginally to a three-month high of 0.53 per cent in March compared to 0.20 per cent in the preceding month due to an increase in prices of vegetables, potato, onion and crude oil.

Global oil benchmark Brent crude dipped 0.70 per cent to USD 89.84 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth Rs 8,027 crore on Friday, according to exchange data.

In the broader market, the BSE smallcap gauge declined 1.54 per cent and midcap index dipped 1.50 per cent.

Among the indices, services dropped by 2.12 per cent, financial services by 1.81 per cent, IT by 1.58 per cent, bankex by 1.55 per cent and utilities by 1.37 per cent.

Energy and oil & gas were the gainers.

A total of 2,991 stocks declined while 913 advanced and 145 remained unchanged.
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