Indian equities kicked off Friday with a bang—for sellers. The benchmark Sensex cratered nearly 600 points by early afternoon, settling at 79,427 after a 0.72% or 588-point drop. Nifty followed suit, losing 0.62% or 154 points to reach 24,612, as bearish momentum gripped Dalal Street.
Leading the decline were banking heavyweights and real estate plays. Nifty Bank tumbled 1.31%, while Nifty Realty nosedived 1.85%. Sectors like autos, consumer services, and discretionary goods also posted steep losses, reflecting broad-based weakness.
Not all segments faltered, however. Defense stocks rallied amid global uncertainties, joined by energy, public sector enterprises, oil & gas, commodities, and metals, which traded positively.
Geopolitical fireworks took center stage, with the ongoing US-Israel-Iran hostilities stoking fears of energy supply shocks. Prolonged conflict threatens to choke global oil flows, hammering investor confidence and fueling a flight to safety.
Oil benchmarks reflected the tension: WTI crude surged to $80.39/barrel, Brent to $84.84/barrel. Precious metals shone brighter—gold up 0.81% at $5,120/oz on Comex, silver soaring 2.96% to $84.61/oz—as portfolios shifted toward havens.
Echoes from Wall Street added to the gloom, with Thursday’s Dow plunge of 1.61% and Nasdaq’s 0.26% retreat. At home, FIIs dumped ₹3,752.52 crore in equities yesterday, extending their bearish streak and pressuring local markets.
Market watchers urge caution, pointing to elevated volatility gauges. While select sectors offer hedges, the confluence of war risks, rising oil, and foreign outflows paints a challenging picture. Traders eye weekend headlines for potential reversals, but downside biases dominate for now.