Stock Market Crash Highlights: The Indian stock market witnessed a sharp sell-off on Friday, March 13, to end around 2% lower following massive selling in the global equities, as worries over the prolonged US-Iran war and the surge in crude oil prices continued to push investors away from risky assets.
Sensex ended 1470.50 points or 1.93% to its day’s low of 74,563.92 while Nifty lost 489.25 points or 2.06% to settle at 23,152.90. In intra-day deals, Sensex crashed around 1580 points or 2% to its day’s low of 74,454.60 while Nifty also shed 527 points or 2.2% to intra-day low of 23,112.
Broader markets indices Nifty Midcap and Nifty Smallcap also bled, down around 2.5% each. Among sectors, Nifty Metal, Auto and Bank led the losses in today’s deals.
The recent selloff in the Indian stock market has eroded ₹10 lakh crore in investor wealth, with the total market capitalisation of firms listed on the BSE falling to around ₹430 lakh crore on Friday from ₹440 lakh crore.
World shares also retreated on Friday while oil prices again popped above $100 per barrel as anxiety remained over the Iran war and its impact on supplies of crude oil and gas. European shares fell on Friday and were headed for a second weekly loss. Japan’s Nikkei also closed lower on Friday and posted a second consecutive weekly decline of 3.2%.
Mainland China and Hong Kong stocks also ended lower. At the close, the benchmark Shanghai Composite index lost 0.82%, while the blue-chip CSI300 Index slipped 0.39%. For the week, the SSEC fell 0.7%, while the CSI300 gained 0.2%.
This comes after Iran’s new Supreme Leader Ayatollah Mojtaba Khamenei, in his first public statements on Thursday, vowed Iran would keep fighting and continue to use the Strait of Hormuz – a crucial waterway for oil and gas transport which has been effectively closed with significant marine traffic disruptions – as leverage against the U.S. and Israel.
Crude Oil Prices Today
Global crude prices were trading marginally lower with oil hovering around $100 per barrel after the US Treasury Department announced a 30-day waiver allowing all countries to purchase Russian oil currently stranded at sea. The development comes a week after the US allowed India to buy Russian oil loaded on vessels as of 5 March, offering temporary relief to global supply concerns.
Oil prices held steady as Brent crude, the international standard, traded at $101 per barrel. Benchmark U.S. crude was up 0.5% at $96.23 per barrel.
However, concerns over a prolonged conflict in West Asia and a potential blockade of the Strait of Hormuz prevented a sharper decline in prices.
Gold and Silver Rates Today
Silver rate declined on MCX on Friday led by surging crude oil prices and a firm dollar amid prolonged US-Iran war. Moroever, recent inflation data indicate that price growth remains under control which dented hopes for a rate cut.
MCX silver price declined 2.7% to ₹2,60,752 per kg while MCX gold price was down 0.9% at ₹1,58,764 per 10 grams.