Markets Tumble as Middle East Tensions Escalate; Oil & Aviation Stocks Lead Decline
By 12:02 p.m. IST, the Nifty 50 had dropped 0.81 per cent to 24,687.90, while the BSE Sensex declined 0.93 per cent to 81,013.93.
Indian stock markets opened lower on Friday, with oil and gas stocks leading the decline amid rising geopolitical tensions. Israel’s military strikes on Iranian nuclear facilities sparked fears of wider conflict in the Middle East, prompting broad selloffs across global markets.
By 12:02 p.m. IST, the Nifty 50 had dropped 0.81 per cent to 24,687.90, while the BSE Sensex declined 0.93 per cent to 81,013.93. Losses were recorded across all 13 sectoral indices. Broader indices, including midcaps and smallcaps, also saw declines of 1.2 per cent each, reflecting a widespread pullback.
Internationally, the MSCI Asia ex-Japan index slipped 1 per cent. Investors moved towards safe-haven assets such as gold and the Swiss franc, while crude oil prices spiked by 9 per cent due to concerns about supply disruptions.
Oil marketing companies like BPCL, HPCL, and IOC dropped around 3.5 per cent each, as rising crude prices posed risks to their refining profitability. The Nifty Oil & Gas index fell 1.5 per cent, and the energy index dropped 1.3 per cent.
Aviation stocks also took a hit, with shares of Interglobe Aviation and SpiceJet falling nearly 4 per cent each after an Air India crash in Ahmedabad claimed nearly all 242 lives onboard, marking the deadliest air disaster globally in ten years.
Disclaimer: The article is for informational purposes only and not investment advice.