SENSEX drops 700 pts, NIFTY hovers around 25,550 amid Iran-Israel conflict; Dabur tanks 6%

At 9:25 AM, the S&P BSE SENSEX was trading 757.57 points, or 0.90% lower at 83,508.72 levels. Of 30 stocks, 27 were trading in the red. 

On the NSE, the broader NIFTY50 index was trading at 25,570.90 levels, down 226 points, or 0.88%. 

Buzzing Stocks

Shares of Dabur India slipped nearly 6% in the opening deals after the homegrown FMCG firm on Tuesday said its profitability in the second quarter will be impacted due to low primary sales with heavy rain and floods in parts of India affecting out-of-home consumption and consumer offtake despite demand trends seeing some improvement.

Last seen, the stock was trading at ₹588.20, down 5%.

Eicher Motors was trading nearly 2.5% lower at ₹4,851.70 apiece on the BSE. The company said its arm, VE Commercial Vehicles, reported a 5.7% year-on-year increase in its sales to 7,609 units in September.

This includes 7,322 units of the Eicher brand and the remaining 287 units of the Volvo brand, it added. The company sold a total of 7,198 vehicles in September 2023, according to a statement.

VE Commercial Vehicles Ltd is a joint venture between Eicher Motors and Swedish auto major Volvo Group.

Market Statistics

The market breadth was in favour of bears, as out of 3,289 stocks traded on the BSE, 1,024 advanced and 2,147 declined, while 118 scrips remained unchanged.

Sector Watch

Barring metals and commodities, all the sectoral indices were trading in the red. The metal index was trading in the green. The BSE METAL index was trading 0.61% higher at 34,841.84 points. 

Broader Market

The BSE SmallCap index was trading 0.55% lower at 57,136.78 points, and the BSE MidCap index was ruling at 49,217.62, down 0.54%. 

Global Markets

Japanese stocks jumped and the yen fell on Thursday as the risk of further tightening in monetary policy this year faded, while the sizzling rally in Hong Kong's share market took a breather.

The euro was nursing heavy losses as markets ramped up bets that the European Central Bank will cut rates at each of its meetings in October and December after top policy hawk Isabel Schnabel said she expects inflation will fall back to target.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1% while the Nikkei surged 2.2% as a weaker yen boosted the outlook for Japanese exporters.