The Sensex has fallen by 4,100 points in five days, costing Rs 16 lakh crore. Is the China-Israel combination so lethal?
Indian stock market: The Gift Nifty was trading around 25,410, roughly 65 points lower than the Nifty futures' previous close, indicating a dismal start for the Indian stock market indices.
The domestic equity market indices, the Sensex and the Nifty 50, are projected to open lower and remain volatile on Friday, owing to mixed cues from foreign markets. Both equity indices fell by more than 2% in the previous session.
Asian markets were divided, while the US stock market closed lower overnight as investors remained wary amid the Middle East's intensifying tension with Israel-Iran.
On Thursday, the Indian stock market plummeted, with the main indices falling the most in two months as investor mood soured over the Iran-Israel confrontation.
The Sensex fell 1,769.19 points, or 2.10%, to close at 82,497.10, while the Nifty 50 dropped 546.80 points, or 2.12%, to 25,250.10.
"Global reasons such as the rise in Brent crude prices, the intensification of the Middle East War, and the probable outflow of FIIs from India to China have lowered emotions. We expect the market to be volatile in the near term, with stock-specific action as companies release pre-quarterly updates," said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services.
Asian marketplaces
Asian markets remained neutral on Friday, following Wall Street's overnight losses over concerns about Middle East tensions.
The Nikkei 225 in Japan jumped 0.34%, while the Topix increased by 0.41%. South Korea's Kospi rose 0.19%, while the Kosdaq increased by 0.74%. Hong Kong's Hang Seng index futures pointed to a lower beginning. Markets in mainland China are closed and will reopen on October 8.
The US stock market fell on Thursday due to concerns over the ongoing crisis in the Middle East.
The Dow Jones Industrial Average dropped 184.93 points, or 0.44%, to 42,011.59, while the S&P 500 sank 9.58 points, or 0.17%, to 5,699.96. The Nasdaq Composite finished 6.65 points, or 0.04% lower, at 17,918.48.
The Cboe Volatility Index, Wall Street's fear barometer, reached 20.49, its highest closing level since September 6.
US Unemployment Claims
The number of Americans applying for jobless benefits increased slightly last week. Initial claims for state unemployment benefits rose by 6,000 last week to a seasonally adjusted 225,000 for the week ending September 28. Reuters polled economists, who expected 220,000 claims in the most recent week.
Oil Prices:
Crude oil prices rose in response to the Middle East crisis and the possible disruption of crude flows.
Brent crude prices jumped 0.12% to $77.71 per barrel, while US West Texas Intermediate crude futures rose 0.11% to $73.79 per barrel. Both benchmarks were on track for weekly increases of around 8%.
FII Selling
On Thursday, FIIs sold ₹15,243.27 crore of Indian shares, while DIIs bought ₹12,913.96 crore, according to provisional data from exchanges.
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Tammareddy Anuradha
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