Sensex Plunges Over 500 Points Amid Rising Tensions Between US And Iran

The S&P BSE Sensex and NSE Nifty 50 indexes fell sharply lower in trade on Monday mirroring losses in other Asian markets amid rising tensions between US and Iran after US President Donald Trump issued a threat to impose sanctions on Iraq amid escalated tensions with Iran in the Middle East. United States killed a top Iranian military commander in Iraq on Friday which led to surge in gold and crude oil prices internationally and a drop in equities. The Sensex fell as much as 515 points and the NSE Nifty 50 index broke below 12,100.

As of 9:36 am, the Sensex was down 460 points at 40,999 and the Nifty 50 index fell 146 points or 1.2 per cent at 12,080.

All sector gauges barring the gauge of information technology shares were trading lower led by the Nifty PSU Bank index's 2.75 per cent drop.

Nifty Metal, Pharma, Media, Financial Services, Bank, Auto, Private Bank and Realty indexes also fell between 1.3-2 per cent each.

Mid- and small-cap shares were also witnessing selling pressure as the Nifty Midcap 100 index dropped 1.8 per cent and Nifty Smallcap 100 index tumbled 2.05 per cent.

47 of 50 shares in the Nifty 50 basket were trading lower. State Bank of India was top loser in the Nifty 50 basket of shares. The stock dropped 3 per cent to Rs 323. Coal India, Adani Ports, Yes Bank, Hindalco, Power Grid, JSW Steel, Mahindra & Mahindra, Maruti Suzuki and Bharat Petroleum also fell between 2-2.8 per cent each.

On the flipside, Titan was among the notable gainers, the stock rose 1.3 per cent after the company said revenue of its jewellery business grew 11 per cent and the retail growth was 15 per cent third quarter of current financial year.