Mumbai, May 5: The Indian stock market opened in the red on Tuesday due to escalating tensions between the US and Iran. The Sensex fell by 165.65 points, or 0.21%, to 77,103.72, while the Nifty dropped by 66.70 points, or 0.28%, to 24,052.60 in early trading.
The banking sector led the decline, with the Nifty Bank index down by 258 points, or 0.47%, at 54,619. Additionally, sectors such as Nifty Financial Services, Nifty Auto, Nifty Realty, Nifty Infra, and Nifty Consumer Durables were among the top losers. In contrast, Nifty IT, Nifty Media, Nifty FMCG, and Nifty Energy showed gains.
Within the Sensex pack, stocks like Infosys, TCS, ITC, HUL, Tech Mahindra, and Titan were gainers. On the downside, Maruti Suzuki, Bajaj Finance, L&T, ICICI Bank, Bajaj Finserv, Sun Pharma, Tata Steel, HDFC Bank, M&M, Trent, Axis Bank, Power Grid, NTPC, Adani Ports, Indigo, and HTL Tech faced losses.
Most global markets were also trading lower. Major markets like Australia and Hong Kong opened in the red, while Bangkok and Jakarta were also experiencing declines. Japanese and Shanghai markets were closed due to national holidays. US markets ended in the red on Monday.
Tensions in the Middle East continue to rise. US President Donald Trump claimed that his military had sunk seven small Iranian vessels. He stated that this attack occurred while the vessels were targeting ships passing through the Strait of Hormuz. Iran has not responded but maintains that it controls the Hormuz Strait.
Despite the rising tensions, crude oil prices have seen a sell-off. Currently, Brent crude is down by 2.02% at $104.3 per barrel, while WTI crude has decreased by 1.12% to $113.2 per barrel.
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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