Oct 03, 2024 07:48 PM IST
The Sensex fell amid rising Iran-Israel tensions, rising oil prices, foreign investors selling Indian equities after China introduces economic stimulus measures
India’s benchmark S&P BSE Sensex fell by over 1,800 points today, hitting a low of 82,449.01 on Thursday, October 13, 2024, making this its third-biggest decline for this year, according to an Economic Times report, which added that close to ₹10 lakh crore of the Sensex companies’ market cap got wiped out.
The Sensex eventually closed at 82,497.10, falling by 2.10% or 1769.19 points from the previous day’s close, while the NSE Nifty closed at 25,250.10, plummeting by 2.12% or by 546.80 points.
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What could have caused the Sensex to fall this much?
The fall came amid the escalating conflict between Israel and Iran, with Iran launching 180 ballistic missiles on Israel. As Iran is a major oil producer, oil prices rose to around $75 a barrel.
Also Read: Israel-Iran Crisis: Gold prices dip after sharp rise on day of strike
The fall also came amid China announcing economic stimulus measures last week leading analysts to predict sustained growth in Chinese stocks, foreign investors withdrawing over ₹15,000 crore worth of Indian equities, and Jefferies’ Chris Wood reducing India’s weightage by 1% and increasing China’s weightage by 2%, according to the report.
When did the Sensex fall this much before this year?
The largest fall of the Sensex this year was by 4,390 points on June 4, 2024, when the General Election results were announced.
Then it plunged by 2,223 points on August 5, its second-biggest decline. The third-biggest decline came today.
The fourth biggest fall was on January 17, when it fell by 1,628 points.
Also Read: Israel-Iran crisis: Escalating conflicts cause global oil prices to shoot up
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