Dalal Street began the week on a negative note, with BSE Sensex tumbling over 1% and NSE Nifty50 trading below the 22,900 mark. The sharp decline came as investors assessed rising crude oil prices, geopolitical cues and continued foreign selling.BSE Sensex fell to 72,892.63, down 1003.11 points or 1.36%, while NSE Nifty50 plunged to 22,863.30, down 313.00 points or 1.35%. GIFT Nifty futures were trading at 23,100, down 88.5 points or 0.38%, signalling a muted opening for the Nifty50. The cautious tone comes after the benchmark indices recorded seven consecutive sessions of losses, falling nearly 6%. Sensex and Nifty50 had already ended the previous week on a negative note, falling 399.22 points and 205.9 points, respectively.The market rout wiped out almost Rs 6 lakh crore off the value of BSE-listed firms, whose combined market capitalisation stood at around Rs 476 lakh crore.Also read | BSE Sensex crashes over 1,000 points, Nifty50 below 22,850 – top reasons for fallAround 9:30 am, all 30 Sensex constituents were trading in the red, dragging the benchmark lower.
Top laggards on BSE Sensex today:
| Stock | Price | Change |
|---|---|---|
| Bajfinance | 979.20 | -1.59% |
| Kotakbank | 397.00 | -1.59% |
| Hdfcbank | 725.10 | -1.45% |
| Bajajfinsv | 1,744.80 | -1.37% |
| M&M | 2,991.90 | -1.30% |
| Hindunilvr | 1,915.00 | -1.29% |
| Lt | 3,830.40 | -1.25% |
| Bel | 388.15 | -1.23% |
| Titan | 4,824.05 | -1.13% |
| Eternal | 331.20 | -1.08% |
Bloodbath at D-Street: Indices continue to crash
Crude oil prices remained a key factor driving the benchmarks. Brent crude futures rose 1.5% to around $106 a barrel, while Asian markets declined 0.2%.Oil prices have remained volatile since late February, when the US and Israel launched joint strikes on Iran, triggering a war in the Middle East. Disruptions in the Strait of Hormuz have also continued for the seventh consecutive month. The latest rise in crude prices came amid a stalemate in US-Iran peace talks.Earlier, US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and end the confict. Meanwhile, Iran, maintained that diplomacy was the only way to resolve its conflict with the United States and Israel.The movement in crude prices remains particularly important for India, the worldтАЩs third-largest crude importer. A sustained rise in oil prices can raise the countryтАЩs import bill, fuel inflation and put pressure on corporate margins.Rupee also continues to face renewed pressure, falling 20 paise against US dollar as the greenback continues to see support.Also read | Why are gold prices crashing today? MCX Gold down Rs 3,200/10 grams, plunges over 2% – top reasons for fallAt the same time, foreign investor selling has also continued to weigh down domestic equities. Provisional data showed foreign investors were net sellers of Indian shares worth 36.94 billion rupees ($385.54 million) on Friday.Their selling in September has so far reached $1.8 billion, taking their total selling for the year to $25.86 billion.“Globally, developments around US-Iran diplomacy and crude oil prices will remain critical. Any progress on a framework for reopening the Strait of Hormuz could ease energy prices and provide some relief to India’s import bill and the rupee, while renewed geopolitical tensions could keep volatility elevated,” Ajit Mishra, SVP тАУ Research, Religare Broking, said.On the domestic front, Mishra said industrial production data for August and the HSBC manufacturing PMI reading would be released during the week. Market participants will also closely monitor foreign institutional investor (FII) activity and the upcoming monthly auto sales figures.Global bond yields are also expected to remain in focus following the Federal ReserveтАЩs September policy decision.Ponmudi added that a series of economic data releases from the US would also be important for global risk sentiment. On the global front, US consumer confidence, JOLTS job openings and the eurozoneтАЩs September inflation cluster will be watched for signals on expectations around the global rate cycle.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
