Indian Stock Markets Plunge Amid Middle East Tensions and Oil Price Surge The Indian benchmark indices, the SENSEX and NIFTY50, experienced significant declines on Monday, March 2, as escalating hostilities in West Asia sent shockwaves through global markets. The SENSEX dropped as much as 2,743.46 points, hitting an intraday low of 78,543.73, while the NIFTY50 fell to a day’s low of 24,603.50. The NIFTY Midcap 100 index also plummeted by 1.58%, closing at 58,180.50, with only 10 stocks among its 100 constituents rising. The turmoil in the Middle East, following attacks by the U.S. and Israel on Iran and the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, intensified investor anxiety. Global energy markets were rattled, with traders closely monitoring the Strait of Hormuz, a critical waterway for 20% of global petroleum liquids and a fifth of liquefied natural gas shipments. Brent Crude oil prices surged 13.04% to a 52-week high of $82.37 per barrel. Foreign institutional investors (FIIs) sold shares worth ₹7,536.36 crore, while domestic institutional investors (DIIs) purchased equities totaling ₹12,292.81 crore. The SENSEX closed 1.29% lower at 80,238.85, and the NIFTY50 ended 1.30% down at 24,850.60. Among the top losers in the NIFTY50, IndiGo fell 6.09% as tourism and related sectors struggled due to closed airspaces and airports in the Middle East. The airline’s stock was further pressured by rising oil prices, which account for 28.7% of its total costs. Larsen & Toubro dropped 5.24%, with nearly 37% of its order book tied to Middle Eastern projects. Adani Ports and Special Economic Zone fell 3.43%, while Maruti Suzuki and Asian Paints declined by 3.29% and 3.08%, respectively. Defence stocks, however, saw gains, with Bharat Electronics surging 2.13% amid heightened geopolitical tensions.#strait_of_hormuz #sensex #nifty50 #indian_stock_markets #middle_east_tensions
