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Israel-Hamas Conflict: Indian Stock Market Observes Deep Plunge; Opens With Red Mark

Indian stock market opened with a sharp downturn amid Israel-Hamas conflict. The BSE 30-share Sensex dropped by more than 500 points.

Edited By : Pranjal Gupta | Updated: Oct 19, 2023 18:32 IST
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Israel-Hamas Conflict
Israel-Hamas Conflict

On the second consecutive day on Thursday, the Indian stock market opened with a sharp downturn amid Israel-Hamas conflict. The Bombay Stock Exchange’s (BSE) 30-share Sensex dropped by more than 500 points.

Soon after the war started between the Middle East countries, the Indian Stock Market had observed a huge decline with its immediate impact. Now that the war has intensified, its impact is appearing on the stock market which closed in the red on Wednesday. Whereas on the fourth trading day of the week (Thursday, October 19), it opened with a decline and collapsed within a few minutes.

BSE Sensex opened with a fall at 9.15 am at the level of 65,484.61 and collapsed within 5-10 minutes of trading. By the time the news was written, it had slipped 518 points or 0.79 percent to the level of 65,358.82 at 9.38 am. In early trade it had fallen to the level of 65,343.50. On Wednesday too the Sensex had closed down by 551 points.

Sharp decline in Nifty

Not just the BSE Sensex but Nifty-50 of National Stock Exchange (NSE) also noticed a deep plunge. Around 9.30 am when the Sensex was trading with a slip of more than 500 points, the Nifty had fallen by 153.95 points or 0.78 per cent. It reached the level of 19,517.15. Nifty opened at 19,545.20 at 9.15 am and fell to the level of 19,512.35 in early trade.

Shares of Israel related companies boomed

Amidst the ongoing decline in the share market, the thing to be noted is that the biggest loss is being seen in the shares of those companies having connected with Israel. These include Adani Port Share, Infosys Share, Delhivery Ltd Share, Wipro Ltd Share and others, which are showing a strong decline.

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Israel-Hamas Conflict

Ongoing war between Israel and Gaza is continued to take turns, leading the situation towards the worst. Lakhs of people have misplaced already while death toll breached thousand mark. As the mayhem refuses to die down, global market is bearing the toll and India is no exception.

The Israel-Hamas War has been ongoing for the past 14 days, with Israel responding forcefully to Hamas’s initial aggression. The Israeli Defense Forces (IDF) continue to target the Gaza Strip.

Concerns have arisen over the tragic incident at Gaza’s Al Ahli Hospital, where more than 500 people lost their lives. The conflict has resulted in casualties on both sides, with around 1,400 Israeli fatalities due to Hamas attacks, while the death toll in the Gaza Strip due to Israeli airstrikes has surpassed 3,300.

First published on: Oct 19, 2023 06:32 PM IST

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