The Indian stock markets experienced significant losses at the start of trading on Tuesday, with both equity benchmarks dropping 1%. This decline was attributed to uncertainty surrounding a potential resolution to the West Asia conflict and the looming deadline set by US President Donald Trump to reopen the Strait of Hormuz.
In early trade, the 30-scrip basket fell by 1.11% or 824.44 points, reaching an intraday low of 73,282, while the 50-share index also dropped by 1% or 248.95 points to 22,719.30 due to selling pressure across all sectors. Sectors such as financial, auto, real estate, and pharma witnessed declines of up to 2%.
Notable companies like Interglobe Aviation (IndiGo), Eternal, Max Healthcare, M&M, Eicher Motors, Apollo Hospitals, and Dr. Reddy’s were among the top losers during this period. Analysts noted that recent price movements indicated a positive sentiment, supported by buying activities at lower levels. They advised traders to be cautious and wait for price confirmation near critical levels before initiating new positions.
The oil commodity market displayed bullish trends, with Brent crude futures surging by 1.69% to $111.63 per barrel, and US WTI crude trading at $115.64, marking a 3% increase. In the Asian region, stock performances were mixed, with indices like the Nikkei, Hang Seng, and KOSPI showing varied movements.
Meanwhile, on Wall Street, the S&P 500 closed at 6,611.83, up 0.44%, while the Nasdaq settled at 21,996.34, marking a 0.54% increase. Foreign institutional investors (FIIs) were net sellers in India on Monday, offloading Rs 8,167 crore, while domestic institutional investors (DIIs) supported the market by purchasing equities worth Rs 8,000 crore.
