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The Indian stock market commenced trading on Monday with a significant downturn, underlining global concerns over the increasing tensions in the Middle East following Iran’s attack on Israel. At the onset, both the Sensex and Nifty indices plummeted, capturing the prevailing investor nervousness amidst geopolitical strife.
The Sensex suffered a substantial loss, declining by 887.82 points (1.20%) to 73,357.08, while the Nifty dropped 181.75 points (0.81%) to 22,337.65. Among the entities constituting the Nifty, 5 managed to advance, whereas 45 faced declines, reflecting the broad impact of geopolitical uncertainties on the market sentiment.
Top performers for the day included Hindalco, ONGC, TCS, Nestle India, and HCL Technologies. In contrast, key sectors like oil, mining, and automotive saw significant downturns with companies such as BPCL, Coal India, Tata Motors, and Adani Enterprises marking considerable losses.
Investors currently find themselves in a quagmire of persistent inflation and the specter of interest rate hikes, with the crisis in the Middle East adding a fresh dimension of volatility. As the trading day unfolded, market participants remained vigilant, closely following the geopolitical developments and assessing their possible repercussions on the global markets.
The United Nations Security Council (UNSC) emergency session, convened promptly upon Israel’s behest following the Saturday attack, showcased the divergences within its ranks.
The meeting, which saw both Israel and Iran exchange barbs over the contentious capture of the Israeli-owned ship, Aries, also spotlighted the international call for the release of its crew, which includes Indian nationals.
Israel’s plea for the Council to condemn Iran’s aggressive act and to enforce stringent sanctions over its nuclear ambitions was counterbalanced by Iran’s justification of self-defense under the UN Charter, citing Israel’s historical military engagements in Syria.
While the US and Britain voiced strong censure against Iran’s actions, Russia stood in defence of Tehran. Amidst these divisions, UN Secretary-General Antonio Guterres issued a chilling caution, “The Middle East was on the brink”, urging for concerted efforts to avert any further escalation in tensions. Despite evident fissures, a consensus emerged, rallying around Guterres’ appeal for restraint.
“The consensus around the Council table was decisively against further escalation. The shared sentiment on this was palpable,” Council President Vanessa Frazier remarked, reflecting on the meeting’s outcomes.
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2 Comments
Viren
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Harshil Lodhia
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