New Delhi: India’s benchmark stock market indices Sensex and Nifty tumbled in opening trade on Thursday, October 03, 2024. The 30 constituent index fell to 83,002.09 points while, the broader index opened with a gapdown at 25,452.85 levels. Among the Sensex pack, stocks like M&M, Asian Paints, Tata Motors, RIL, Maruti, Power Grid, Nestle, ICICI Bank, Titan, L&T etc were the biggest laggards. Mostly bank, IT and FMCG stocks traded in red.
Among the National Stock Exchange’s (NSE) thematic indices FMCG, auto, banks, IT, etc all traded in red. India’s stock gauges have recently faced selling pressure due to foreign outflows and heightened middle east tension. The indices had closed in red for the last three trading sessions in a row.
Crude Oil Prices Boil Amongst Fresh Iran-Israel Tension
After Iran’s missile attacks on Israel, the latter has hinted at retaliatory strikes on Iran’s oil and gas infrastructure. Global oil benchmark Brent Crude prices were up 1.03% and traded at $74.66 per barrel. In the last one week, it has become costlier by more than 4%. Middle East’s rising tension has caused selling pressure on India’s stock market gauges.
Asian Markets Give Mixed Signal
While, other Asian markets gave mixed signals on Thursday. Japan’s stock gauges were buoyant after the country’s newly elected Prime Minister Shigeru Ishiba directed Japanese central bank not to hurry with the rate hikes. While, stock gauges in Hong Kong traded in negative territory on Thursday.
On the other hand, mainland Chinese stock market indices are closed for the entire week. Recently, stock exchanges in China have risen phenomenally on account of fresh stimulus measures announced by the Chinese central bank. The policy makers last week pegged for reduction in interest rates to prop up its falling economy. Since then, the Chinese market gauges have only shot up in last few sessions.
India’s domestic stock market indices Sensex and Nifty had closed flat on Tuesday, October 01, 2024. The 30 constituent index closed the day’s trading session in red at 84,330.27 points while, the broader index settled at 25,796.90 levels. Wednesday was a holiday on account of ‘Gandhi Jayanti.’ While, the US benchmark gauges had closed flat in the previous trading session.
