Mumbai, September 2: The Indian stock market closed in the red on Wednesday as tensions escalated in the Middle East. By the end of the trading session, the Sensex fell by 373.93 points, or 0.49%, settling at 76,570.35. The Nifty also dropped 141.35 points, or 0.59%, to close at 23,914.45.
The decline was broad-based, affecting large-cap, mid-cap, and small-cap stocks alike. The Nifty Midcap 100 Index decreased by 332.90 points, or 0.53%, to reach 63,001.60, while the Nifty Smallcap 100 Index fell by 74 points, or 0.37%, ending at 19,812.25.
The downturn was primarily led by the auto and IT sectors. The Nifty Auto index declined by 1.79%, Nifty Media by 1.75%, Nifty IT by 1.25%, Nifty India Manufacturing by 0.81%, Nifty Services by 0.75%, Nifty Financial Services by 0.73%, and Nifty Consumption by 0.67%.
Conversely, some sectors managed to close in the green. Nifty Energy rose by 0.59%, Nifty Commodities by 0.54%, Nifty PSU by 0.38%, Nifty Oil & Gas by 0.33%, Nifty Realty by 0.21%, and Nifty Infra by 0.03%.
Among the gainers in the Sensex pack were Adani Ports, Bajaj Finserv, Power Grid, NTPC, Titan, Trent, Bajaj Finance, Sun Pharma, and ITC. In contrast, losers included Asian Paints, M&M, HDFC Bank, HCL Tech, BEL, Infosys, SBI, Indigo, HUL, TCS, Tech Mahindra, ICICI Bank, Maruti Suzuki, Bharti Airtel, Axis Bank, Eternal, Tata Steel, and Ultratech Cement.
Market experts indicated that renewed hostilities between the U.S. and Iran have heightened tensions in the Middle East. This has pushed crude oil prices back over $95 per barrel, exerting pressure on global markets, including India. The auto, IT, and manufacturing sectors have been particularly affected.
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