Share Market Collapses: Sensex Opens 2,743 Points Down, Nifty 519 Points Down Due to US Israel Iran War
Impact of Iran-Israel War on Indian Share Market: As soon as the market opened on March 2 morning, the pressure of selling was evident, and the screens flashed red. The war between Iran and Israel struck panic in the hearts of Indian investors, causing the market to collapse like a house of cards. The war not only sank the Sensex and Nifty, but also raised a new fear of rising inflation among the general public. It was a morning when investors, both large and small, were focused solely on war news and their dwindling portfolios.
Market's Historic Fall
This Monday morning was nothing short of a nightmare for the Indian stock market, as a massive sell-off began as soon as the market opened. The BSE Sensex opened at 78,543, a massive drop of 2,743 points, wiping out trillions of rupees for investors in an instant. Similarly, the National Stock Exchange's Nifty also opened 519 points lower at 24,659, and the rupee also weakened to 91 against the dollar.
Impact on global market
The death of Iran's Supreme Leader, Ayatollah Ali Khamenei, has further escalated tensions in the Middle East, shaking global markets. The impact of this geopolitical instability was evident not only in India but also in other major markets in the US and Asia, such as Japan's Nikkei. Investors have shifted their funds from risky stocks to safe havens like gold and silver, leading to a significant increase in their prices.
The military conflict between Iran and Israel has caused a surge in crude oil prices by more than 7 percent, which could strain the budget of the common man.
While the market has seen a sharp decline today, India's growth data offers a glimmer of hope even in these difficult times. India's economic growth for the October-December quarter was 7.8 percent, significantly improving from 7.4 percent in the previous quarter. Additionally, February's GST collection of Rs1.83 lakh crore reflects the country's strong internal economic position and improved tax management.