Mumbai: The impact of the ongoing global uncertainty was also visible on the domestic stock markets on Thursday. Sensex and Nifty started with a decline in early trade amid the ongoing standoff over the Strait of Hormuz. Investor sentiment remains under pressure from tensions between the US and Iran.
In early trade, BSE Sensex fell 172.48 points to 77,786.41. Whereas NSE Nifty was seen trading at 24,343.50 points with a fall of 90.35 points.
The biggest decline in these big stocks
Among the 30 companies included in the Sensex, shares of Titan, UltraTech Cement, Reliance Industries, ICICI Bank, Kotak Mahindra Bank and Infosys fell the most during early trading.
On the contrary, shares of InterGlobe Aviation, Tech Mahindra, Eternal and NTPC were seen trading in gains.
US-Iran tension increases investors' concerns
According to foreign exchange traders, investor sentiment is still weak. The standoff between America and Iran does not seem to be ending.
Iran's warning to keep the Strait of Hormuz closed until 2029 has also been mentioned among the factors increasing market concern. At the same time, US President Donald Trump has talked about America's control over Hormuz.
The Strait of Hormuz is considered a very important sea route for global energy supply. In such a situation, any major geopolitical uncertainty to this can have an impact on crude oil and global markets.
There was a rise in Asian markets
Amidst the decline in the Indian market, a positive trend was seen in many major Asian markets. South Korea's Kospi, Japan's Nikkei 225, China's SSE Composite and Hong Kong's Hang Seng were trading in gains.
Whereas American stock markets closed with gains on Wednesday.
Brent crude slipped 1.22 percent
There was movement in the international oil market also during early trading. Brent crude futures fell 1.22 percent to $87.89 per barrel.
Fluctuations in crude oil prices can also impact the Indian market sentiment, as India imports a large amount of crude oil for its energy needs.
Foreign investors also sold
According to stock market data, foreign institutional investors sold shares worth a net Rs 1,002.50 crore in the Indian stock market on Wednesday.
Earlier on Wednesday also the domestic market had closed weak. Sensex closed with a fall of 187.90 points and Nifty with a fall of 35.75 points.
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