Mumbai: Investors faced a bruising day on Dalal Street in India on Wednesday as renewed US-Iran tensions sent shockwaves through global markets, wiping out nearly Rs 1.27 lakh crore in value.
Benchmark indices tumbled, with the NSE Nifty 50 sliding 0.86% to 24,189.20 and the BSE Sensex plunging 682 points, or 0.87%, to 77,498.70.
Banking and energy stocks bore the brunt of the sell-off. Reliance Industries, ICICI Bank, and Bharti Airtel were among the biggest drags, with Reliance alone shaving 30.68 points off the Nifty. Sectoral indices largely traded in the red, led by Nifty Oil & Gas (-1.57%), FMCG (-1.33%), and Media (-1.29%). Only Metal, Pharma, and Realty managed modest gains.
The downturn followed reports that US forces launched strikes against Iran after Tehran attacked three commercial vessels in the Strait of Hormuz, reigniting fears of geopolitical instability. Analysts warned that escalating tensions could weigh further on investor sentiment, particularly in energy and banking sectors.