Stock Market Today Highlights: The Indian stock market benchmarks Nifty and Sensex witnessed a sharp sell-off on Monday, March 2 ending over a percent lower following losses in global peers after a full blown war started over the weekend in the Middle East.
Sensex ended 1048.34 points or 1.29% at 80,238.85 while the Nifty fell 312.95 points or -1.24% to settle at 24,865.70.
The total market capitalisation of BSE-listed companies fell by ₹6.5 lakh crore, slipping to ₹456.97 lakh crore from ₹463.50 lakh crore in the previous session.
Geopolitical tensions escalated after the United States and Israel carried out extensive military strikes on Iran. The US and Israeli striked Iran killed Iran’s Supreme Leader Ayatollah Ali Khamenei. The development triggered fresh uncertainty across global financial markets and drove volatility in commodities. The development triggered fresh uncertainty across global financial markets and drove volatility in commodities.
The conflict intensified over the weekend after coordinated strikes by the US and Israel targeted multiple locations in Iran. Tehran responded with missile attacks aimed at Israel as well as US military installations and strategic sites in Qatar, the United Arab Emirates, Kuwait and Bahrain, widening fears of a broader regional confrontation.
Meanwhile, global markets also traded sharply lower, while the US stock futures declined as investors rushed for safe-haven assets amid the Iran war.
The conflict intensified after coordinated strikes by the US and Israel targeted multiple locations in Iran. Tehran responded with missile attacks aimed at Israel as well as US military installations and strategic sites in Qatar, the United Arab Emirates, Kuwait and Bahrain, widening fears of a broader regional confrontation.
However, the war led to an increse in demand for save haven assets. Gold prices rallied and the crude oil prices surged. US dollar gained against other currencies, while in bond markets, US 10-year Treasury yields steadied at 3.970%, having briefly touched an 11-month low of 3.926%.