Business Desk – Share Market Crash: A huge fall was seen in the Indian stock market today i.e. on 9th September. Sensex fell more than 608 points intra-day to 74,968. Nifty 50 also fell by 157 points to 23,477. Due to this decline, the market cap of companies listed on BSE decreased by about Rs 3 lakh crore in early trading. That means the wealth of investors decreased by this much.
Market decline due to Iran-America tension
The increasing tension between Iran and America has affected the stock market. Iran attacked the US military base in Jordan with ballistic missiles. Iran's IRGC called it a response to American attacks. This increased geopolitical tension and increased concern among investors. Its effect was also visible on the Indian market.
Crude oil near 100 dollars
Brent Crude jumped nearly 2% to near $100 a barrel as tensions escalated in the Middle East. India's concern may increase due to costlier crude oil, because the country imports a large part of its requirement. If crude remains expensive for a long time, pressure on import bill and inflation may increase.
Biggest decline in IT shares
Today maximum selling was seen in IT sector. Nifty IT index fell more than 3%. There was slight strength in metal and pharma stocks, but most of the major sectors remained under pressure. Nifty Midcap 100 fell by almost half a percent, while the fall in Smallcap was less.
India VIX also increased
The effect of increasing panic in the market was also visible on India VIX. It rose 3.31% to 11.61. An increase in VIX means that there is a possibility of increased market volatility in the coming time.
Market weak for second consecutive day
Earlier on September 8 also the market had closed with a decline. Sensex fell 555 points to close at 75,577 and Nifty fell 144 points to close at 23,635. Now the market's eyes are on Iran-US Tension, Crude Oil, IT Stocks and Global Market. If tension increases in Western Asia, further fluctuations may be seen in the market.
