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  1. Bloodbath on D-Street: SENSEX, NIFTY crash over 2% as Middle East conflict deepens; JSW Steel only gainer on SENSEX

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Bloodbath on D-Street: SENSEX, NIFTY crash over 2% as Middle East conflict deepens; JSW Steel only gainer on SENSEX

Upstox

2 min read | Updated on October 03, 2024, 16:17 IST

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SUMMARY

Falling for the fourth day running, the BSE SENSEX tumbled 1,769.19 points, or 2.10%, to settle at 82,497.10. During the day, it plummeted 1,832.27 points, or 2.17%, to 82,434.02.

Global oil benchmark Brent crude climbed 1.37% to $74.91 a barrel.

Global oil benchmark Brent crude climbed 1.37% to $74.91 a barrel.

Stock market today, Sensex, Nifty tumble: The ongoing Middle East tensions rattled domestic stock markets on Thursday, October 3, as market participants pressed the panic button, selling shares left, right, and centre and rushing to safe haven assets, such as gold. 

The equity benchmark indices SENSEX and NIFTY tanked over 2% each, owing to a fall in heavyweights such as Reliance Industries and HDFC Bank.

Falling for the fourth day running, the BSE SENSEX tumbled 1,769.19 points, or 2.10%, to settle at 82,497.10. During the day, it plummeted 1,832.27 points, or 2.17%, to 82,434.02.

The NSE Nifty slumped 546.80 points, or 2.12%, to 25,250.10.

Continuous foreign fund outflows and rising crude oil prices were the other major drags, as per analysts.

From the 30 SENSEX firms, Larsen & Toubro, Reliance Industries, Axis Bank, Asian Paints, Tata Motors, Bajaj Finance, Maruti, Bajaj Finserv, Kotak Mahindra Bank, Titan, Adani Ports, and HDFC Bank were the major laggards.

JSW Steel emerged as the only gainer.

"The domestic market took a sharp downturn following Iran’s launch of ballistic missiles at Israel, sparking fears of retaliation and escalation in war,” Vinod Nair, Head of Research, Geojit Financial Services, said.

“New SEBI regulations for the F&O segment have raised concerns about reduced trading volumes in the broader market. Lastly, with attractive valuations in China, FIIs have redirected their funds, adding pressure on Indian stocks," Nair added.

In Asian markets, Hong Kong settled lower while Tokyo ended in the positive territory. Markets in mainland China will be closed for the rest of the week due to a holiday.

European markets were trading mostly lower. The US markets ended marginally higher on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,579.35 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude climbed 1.37% to $74.91 a barrel.

Equity markets were closed on Wednesday for Mahatma Gandhi Jayanti.

With inputs from PTI
Uplearn

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Upstox
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