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Sensex drops 1100+ points after Iran's fiery UN speech, Indian Ocean warning; NSE IPO debuts
Sensex fall today: At around 1:56 pm, the BSE Sensex traded at 73,663.44, down 1,164.81 points or 1.56 per cent.
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Stock market today: Sensex and Nifty extended their losses on Thursday, with the BSE Sensex dropping more than 1,100 points by afternoon, as oil prices remained above $100 a barrel after Iranian President Masoud Pezeshkian's comments at the UN General Assembly (UNGA) that Tehran will never surrender to US pressure.
At around 1:56 pm, the BSE Sensex traded at 73,663.44, down 1,164.81 points or 1.56 per cent. The index had opened sharply lower at 74,240.87, about 600 points or 0.79 per cent down. By 9:50 am, the drop was already over 600 points.
Iran and the United States remain divided over how to bring an end to their war, but diplomacy must continue, a senior Iranian official told Reuters on Wednesday.
Nifty, meanwhile, traded at 23,058.70, down 388.10 or -1.66 per cent, at around 2 pm.
The Sensex, Nifty sharp drop came parallelly with Iran's warning of extending the war to the Indian Ocean.
"Since the conflict has spread from the Persian Gulf and Strait of Hormuz to the Red Sea, it is possible that, in response to more war, the front will expand even further, reaching the Indian Ocean and perhaps beyond," AFP news agency quoted as saying Yahya Rahim Safavi, in a video released by Iran's Fars news agency.
NSE IPO debuts
Meanwhile, market focus is on the listing of India's biggest bourse, the National Stock Exchange (NSE), which is set for a modest two per cent-three per cent gain in its trading debut as investors weigh its leading position against slowing derivatives activity, according to analysts. NSE was scheduled to list its shares on the BSE on Thursday
Shares of the NSE are also available for trading on the Metropolitan Stock Exchange of India (MSEI) from Thursday, alongside the BSE.
On the BSE Sensex website, at 9:22 am, the is the pre-open status of NSE Ltd. on on Thursday stood at ₹1,735. NSE IPO was priced in a band of ₹1,700- ₹1,785 per share, with ₹1,785 being the upper end of the issue price.
After opening, at around 10:26 am, National Stock Exchange IPO was listed at ₹1861.00.
GIFT Nifty futures were at 23,270 points as of 8:02 am, indicating a negative start for the benchmark Nifty 50 index, which closed at 23,446.8 on Wednesday, according to figures in a Reuters report.
Brent crude hovered around $102.5 a barrel on Thursday after gaining four per cent in the previous session.
Sensex rebounded by nearly 300 points on Wednesday and the broader Nifty settled near the 24,450 level as below $100 per barrel crude oil prices and positive India growth forecast by rating agencies boosted buying in metal, financial and FMCG shares.
The 30-share BSE Sensex climbed 299.17 points, or 0.40 per cent, to settle at 74,828.25. During the day, it jumped 444.66 points, or 0.59 per cent, to 74,973.74, according to data cited in a PTI news agency report.
The 50-share NSE Nifty was up 117.80 points, or 0.50 per cent, to end at 23,446.80.
Among the 30 Sensex firms, Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid and Larsen & Toubro were the major winners.
HCLTech, Infosys, Tata Consultancy Services, Titan and Mahindra & Mahindra were among the laggards.
