On Tuesday, the domestic stock market opened lower due to the escalating tensions in West Asia. At 9:16 AM, the BSE Sensex fell by approximately 745.66 points to 73,361.19. Meanwhile, the NSE Nifty also declined by 228.95 points, trading at 22,739.90.
Several major Nifty stocks showed pressure. Giants like Tata Consumer, InterGlobe Aviation, Eterna, Eicher Motors, and Max Healthcare registered declines. On the other hand, some stocks like Hindalco and Wipro saw slight gains.
Decline in these sectors
Midcap and smallcap shares also showed weakness. The Nifty Midcap index fell by about 1%, while the Smallcap index recorded a 0.5% decline.
Pressure on Rupee, 17 paise fall
On Tuesday, the Indian Rupee weakened against the US dollar. Due to the withdrawal of foreign investment, a strong dollar, and high crude oil prices, the Rupee fell by 17 paise to 93.07 per dollar in early trade.
According to forex traders, if US-Iran tensions escalate further, pressure on the Rupee could deepen, as this might lead to further increases in oil prices.
In the interbank forex market, the Rupee opened at 93.05 and fell to 93.07, 17 paise lower than its previous close. Notably, on Monday, the Rupee had strengthened by 28 paise to close at 92.90 per dollar due to interventions by the Reserve Bank and measures to curb speculation.
Mixed trend in Asian markets
Asian stock markets showed mixed trends on Tuesday. Rising crude oil prices and US-Iran tensions kept the market under pressure. The impact of US President Donald Trump’s warning and increased tensions over the Strait of Hormuz was clearly visible on investor sentiment.
Japan’s benchmark Nikkei 225 lost its early gains, closing down about 0.2% at 53,310.30. Meanwhile, Australia’s S&P/ASX 200 index rose by 1.5% to reach 8,706.90. South Korea’s Kospi remained almost stable, closing with a slight 0.1% decline at 5,445.80.
Additionally, the Shanghai Composite Index recorded a 0.4% gain, closing at 3,896.98, while Hong Kong’s market remained closed due to a holiday.
