Mumbai : Stock market indices Sensex and Nifty plummeted in the beginning of trading on Thursday, pulled down by the drop in major companies like Reliance Industries, HDFC Bank, ICICI Bank, and escalating tensions in the Middle East. In early trading, the BSE Sensex dropped by 1,264.2 points to 83,002.09. The NSE Nifty dropped by 345.3 points to reach 25,451.60. Tata Motors, Asian Paints, Larsen & Toubro, Axis Bank, Mahindra & Mahindra, Reliance Industries, Maruti, Kotak Mahindra Bank, ICICI Bank and HDFC Bank were among the main underperformers from the 30 Sensex companies.
JSW Steel, Tata Steel, Sun Pharma, and NTPC all saw gains in their stock prices. In Asian markets, Hong Kong experienced a decrease in trading while Tokyo remained in the positive territory. Mainland China markets will remain closed for the remainder of the week in observance of the holiday. The US markets closed slightly up on Wednesday. According to exchange data, Foreign Institutional Investors (FIIs) sold equities valued at Rs 5,579.35 crore on Tuesday. Brent crude, the global oil benchmark, increased by 1.15 pc to reach USD 74.75 per barrel.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, stated that on Tuesday FIIs sold Rs 5,579 crore, and crude oil prices rose above USD 70 per barrel due to increasing tensions in the Middle East. Stock markets were shut on Wednesday in observance of Mahatma Gandhi Jayanti. On Tuesday, the BSE benchmark dropped by 33.49 points or 0.04 per cent to end at 84,266.29. The Nifty closed slightly down by 13.95 points or 0.05 pc at 25,796.90.
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