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Sensex plunges 390 points on US-Iran flareup; Nifty tests 11,950

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Domestic equity indices witnessed a gap-down start to Wednesday's session as traders rushed to safety, after Iran bombed US-led forces in Iraq.

A further rise in oil prices did not help the sentiment on Dalal Street. Tehran fired more than a dozen ballistic missiles from Iranian territory against at least two Iraqi military bases hosting US-led coalition personnel. Meanwhile, US President Donald Trump said in a tweet that 'all was well'.

“So far, so good! We have the most powerful and well-equipped military anywhere in the world, by far! I will be making a statement tomorrow morning," Trump said. BSE benchmark Sensex dipped 390.55 points to 40,478.92 while its NSE flagship Nifty shed 88 points to 11,964.80.

Broader market indices were trading with losses as well.

Nifty Smallcap was down 1.19 per cent at 5,830.35 and Nifty Midcap slipped 0.78 per cent to 16,888.

Nifty 500 dipped 0.76 per cent to 9,730. "Global market situation is tense on escalating tensions in Middle East.

The focus over next few days will be on the macro developments but as soon as earnings start, focus should shift to corporate earnings," says Naveen Kulkarni, Head of Research, Reliance Securities. International oil benchmark Brent Crude jumped 1.39 per cent to $69.22. All sectoral indices on NSE were trading in the red.

Nifty PSU Bank was the biggest loser, down 2.04 per cent.

Nifty Realty, Nifty Auto, Nifty Media and Nifty Metal fell more than 1 per cent each in early trade. Among Sensex stocks, IndusInd Bank was the biggest gainer, up 0.59 per cent at Rs 1,470.20 while TCS added 0.58 per cent to Rs 2,217.

Larsen and Toubro was the biggest loser, down 1.51 per cent at Rs 1,300.35.

Axis Bank, HDFC Bank, Kotak Mahindra Bank and SBI were among other major losers. Globally, Asian shares and US treasury yields tumbled on Wednesday, while the yen, gold and oil shot higher after Iran fired rockets at Iraqi airbases, stoking fears of a wider conflict in the Middle East. MSCI's broadest index of Asia-Pacific shares outside Japan was 1 per cent lower shortly after China's share markets began trading, with China's blue-chip CSI300 index down 0.56 per cent. Japan's Nikkei tumbled 2.2 per cent and Australian shares fell more than 1 per cent.

U.S.

stock futures were also sharply lower, with S-P500 e-minis off nearly 1 per cent.




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