Mumbai, May 11: The Indian stock market opened in the red on Monday due to escalating tensions between Iran and the United States. At 9:19 AM, the Sensex fell by 904 points, or 1.17%, to 76,424, while the Nifty dropped 263 points, or 1.09%, to 23,927.
The market experienced broad declines in early trading. The Nifty Consumer Durables and Nifty Auto indices were among the biggest losers. Nearly all indices, including Nifty Realty, Nifty Media, Nifty PSU Bank, Nifty Consumption, Nifty Energy, and Nifty Infra, were in negative territory.
Large-cap stocks, along with mid-cap and small-cap shares, also showed weakness. The Nifty Midcap 100 index fell by 423 points, or 0.66%, to 61,487, and the Nifty Smallcap 100 index decreased by 84 points, or 0.45%, to 18,623.
Notable losers in the Sensex pack included Titan, Indigo, Eternal, SBI, M&M, Bharti Airtel, Bajaj Finserv, Maruti Suzuki, HDFC Bank, UltraTech Cement, Trent, HUL, Power Grid, Axis Bank, ITC, Asian Paints, Kotak Mahindra Bank, and TCS.
Asian markets showed mixed trading results. Tokyo, Hong Kong, and Jakarta were in the red, while Shanghai, Bangkok, and Seoul were in the green. The US stock market closed positively on Friday, with the Dow Jones remaining flat and the technology index Nasdaq rising by 1.71%.
The decline in global markets, including India, is attributed to US President Donald Trump’s refusal to accept Iran’s peace proposal. Trump stated on social media that he was not pleased with the Iranian representatives’ response and could not accept it.
Reports indicate that Iran sent a peace proposal through Pakistan, suggesting an end to hostilities, reopening the Strait of Hormuz, and discussions on its nuclear program. However, the US remains firm on demands such as handing over uranium, leading to heightened tensions between the two nations.
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My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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