Indian Stock Market Sees 3,600 Point Weekly Plummet Amid US-Iran Tensions, Crude Oil Price Surge
Indian Stock Market Continues to Reel Under Selling Pressure
Market Update The Indian stock market experienced another day of intense selling pressure on Friday, March 13, with the benchmark indices, Sensex and Nifty 50, falling by 1% each. The Sensex opened at 75,444 against its previous close of 76,034 and dropped over 700 points, or nearly 1%, to the intraday low of 75,326. The Nifty 50 opened at 23,462 against its previous close of 23,639 and fell over 200 points, or 1%, to an intraday low of 23,417.
Market Capitalisation The overall market capitalisation of firms listed on the BSE has dropped to ₹436 lakh crore from ₹450 lakh crore on Friday, March 6, resulting in investors losing ₹14 lakh crore this week.
Factors Contributing to Market Selloff The ongoing US-Iran war is one of the top factors contributing to the market selloff. The conflict, which started on February 28, continues with tensions escalating. Additionally, the surge in crude oil prices above $100 per barrel is posing a significant threat to India's macroeconomic outlook. The volatility in oil prices is expected to persist as long as the war in the Middle East continues.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Investor Takeaway
Investors should be cautious and consider diversifying their portfolios due to the ongoing market volatility.
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