Indices crash over 1%: NIFTY50 trades below 24,600 mark, SENSEX declines 888 points; OMCs, paint stocks fall

The equity benchmark indices opened lower following their Asian peers on Friday, June 13, as Israel attacked Iran's capital, Tehran, and oil prices surged.

Investors were also nervous following the foreign investors pulling out of the Indian equity market.

According to exchange data, on Thursday, the foreign institutional investors (FIIs) sold equities worth ₹3,831.42 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹9,393.85 crore worth of equities.

The broader market also opened under pressure, with the Nifty Midcap 100 index and Nifty Smallcap 100 tumbling 0.87% and 1.04%, respectively.

All the sectors were trading in red, with Nifty Oil and Gas declining the most by 1.28% as crude oil prices jumped 10% on Friday.

Nifty Media (-1.21%), Nifty Consumer Durables (-1.19%), Nifty PSU Bank (-1.16%) and Nifty Private Bank (-1.06%) were the other top losers.

On the global front, the US market closed higher on Thursday after another encouraging update on inflation across the country.

The S&P 500 climbed 0.38% to end the session at 6,045.26 points. The Nasdaq gained 0.24% to 19,662.49 points, while the Dow Jones Industrial Average rose 0.24% to 42,967.62 points.

However, all the Asian markets slipped into the red on Friday morning as oil prices surged following the geopolitical tension between Iran and Israel.

Hong Kong's Hang Seng lost 0.74% to trade at the 23,857.11 level, while the Shanghai Composite was trading 0.72% lower at the 3,378.01 level. South Korea’s Kospi was trading at the 2,889.25 level, declining 1.09%.

Japan's Nikkei 225 was seen at the 37,714.73 level, slipping 1.21%, while Singapore's Straits Times was trading lower by 0.45% at the 3,904.56 level.

Kotak Mahindra Bank was the biggest loser on the 50-share index, falling 2.33%. Power Grid (-2.08%), Trent (-1.96%), Adani Ports (-1.89%) and Bajaj Auto (-1.86%) were the other top losers.

ONGC (1.46%) and Bharat Electronics (1.06%) were the only gainers in the early session.

As many as 2,522 stocks traded on the NSE during the early session, among which 2,093 stocks were trading in the red, only 372 advanced and 57 shares remained unchanged.

This indicated that the market breadth was in favour of negative.

Meanwhile, only 18 stocks hit their one-year highs in the early trade, while 25 stocks touched their 52-week lows.

Further, 19 stocks hit their lower circuits, while 54 hit their upper circuits.

India VIX, the volatility gauge, was trading 7.61% higher at 15.08 levels.