Stock market today: Dalal Street opened in red on Monday, with benchmark indices, Nifty50 and Sensex tumbling 3% as investors reacted to fresh tensions in the Middle East that escalated over the weekend. The developments pushed crude oil prices higher and fuelled worries over potential strain on the Indian rupee and the country’s macroeconomic stability.
Within minutes of the opening bell, the BSE Sensex slumped around 2,400 points to 76,424, while the NSE Nifty 50 dropped by more than 700 points to trade near 23,750. The fall triggered a massive erosion in investor’s wealth, with over Rs 12.39 lakh crore wiped off the combined market capitalisation of companies listed on the BSE, according to ET. Within 10 minutes, the total value went down to about Rs 437 lakh crore.
Selling pressure was visible across the board, with every stock in the Sensex trading in negative territory. Shares of IndiGo emerged as the worst performer, falling close to 8%. Other major stocks also saw sharp declines. Tata Steel, Larsen & Toubro, State Bank of India, Maruti Suzuki and Eternal each dropped by roughly 5% during the early session.
Sectoral indices on the National Stock Exchange also came under heavy selling pressure. The Nifty PSU Bank index emerged as the worst performer, plunging more than 5%. The Nifty Auto index dropped around 4%, while both the Nifty Realty and Nifty Private Bank indices declined by over 3% each.