American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

Indian markets tumble amid escalating Middle East tensions; auto and oil stocks take a hit

by admin October 3, 2024
October 3, 2024
Indian markets tumble amid escalating Middle East tensions; auto and oil stocks take a hit

Indian equity benchmarks, BSE Sensex and NSE Nifty 50 tanked at the opening bell on Thursday on weak global cues due to rising tensions in the Middle East. 

Indian markets resumed trading after a break on account of Gandhi Jayanti on Wednesday.

Late on Tuesday, Iran fired ballistic missiles towards Israel in retaliation to the latter’s killing of a prominent Hezbollah leader last week.

This spooked financial markets with international equity benchmarks also taking a hit. 

As of 10:20 AM IST, the Sensex was at 83368.96, down 1.1%, while the Nifty 50 was at 25,536.60, also down 1.0% from Tuesday’s close. 

Shares of downstream oil marketing companies drop

Shares of downstream oil marketing companies fell at the opening on Thursday as higher crude oil weighed on sentiments. 

Higher oil prices tend to eat into profitability of downstream oil companies as they have to import crude to refine it into petroleum products. 

Shares of Bharat Petroleum Corporation tanked more than 3%, while Hindustan Petroleum Corporation was down almost 4% from the previous close.

Indian Oil Corporation’s stock fell 1.9% on Thursday. 

Oil prices have continued to rise since Tuesday as increased tensions in the Middle East put supply from the region at risk. 

Most sectoral indices see red

Nifty Bank recorded fourth consecutive sessions of losses as key banking stocks such as ICICI Bank, HDFC Bank and Axis Bank declined by 0.8%-1.5% on Thursday. 

Auto stocks also plunged into the red on Thursday with Tata Motors down 2.4%, while Eicher Motors declined as much as 4.6% from the previous close. 

Shares of Bajaj Auto and TVS Motors also declined by more than 2% on Thursday morning.

Most other sectoral indices were also in the red. 

Shares of Bombay Stock Exchange surge

Shares of BSE are trading 7.6% higher currently at 4,153.65 rupees.

The stock is nearing its all-time high of 4,200 rupees, having made an intraday high of 4,177 rupees on Thursday. 

Shares of BSE are rising after the Securities and Exchange Board of India on Tuesday announced six new norms for trading in index derivatives. 

Metal stocks, ONGC shares gain

Shares of JSW Steel rose 2.8%, while those of Tata Steel gained by 1.2% on Thursday from their previous close. 

Hindustan Zinc, Jindal Steel and Vedanta were among the other metal stocks in the Nifty Metal index to gain on Thursday.

At the time of writing, Nifty Metal was up 0.3% from the previous close. 

Shares of Oil and Natural Gas Corporation also gained more than 1%. ONGC’s stock gained as higher crude oil prices increase the profitability of upstream oil exploring companies. 

The post Indian markets tumble amid escalating Middle East tensions; auto and oil stocks take a hit appeared first on Invezz

0
FacebookTwitterGoogle +Pinterest
previous post
China’s market rebound attracts global investors, pulls capital away from Asian rivals
next post
TOP Financial and AMTD Digital stocks surged: time to buy?

Related Posts

Oscar-winning No Other Land co-director Hamdan Ballal detained...

March 25, 2025

Val Kilmer dies at 65 in Los Angeles,...

April 2, 2025

Amazon owes $525 million in cloud-storage patent fight,...

April 17, 2024

‘Winning the chip race’: what US semiconductor industry...

January 15, 2025

Yoon Suk Yeol impeachment: what investors need to...

April 4, 2025

KKR raises bid for Spectris to £4.2 billion,...

August 5, 2025

Bitcoin Pepe presale raises $3.5M as Ethereum’s leadership...

February 26, 2025

Hang Seng, Nikkei 225 lead Asian markets higher...

March 17, 2025

iDEGEN goes live on BitMart today: here’s why...

March 4, 2025

Oklo stock is soaring amid the modular nuclear...

January 5, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • US tariffs push India away from Russian oil, bolstering Iraq’s position in Asia

      August 10, 2025
    • Under Armour shares tumble 21% as weak demand and $100 million tariff hit darken outlook

      August 10, 2025
    • Trump admin weighs IPO for Fannie Mae and Freddie Mac later this year: report

      August 10, 2025
    • UBS strategist warns market rally may stall in August as US growth slows

      August 10, 2025
    • Decoding US gold bar tariff twist: how customs ruling jolted global bullion markets

      August 10, 2025

    Categories

    • Business (3,675)
    • Investing (2,737)
    • Latest News (2,036)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved