Sensex Falls 1,100 Points, Nifty 330 As Markets Open After Iran Strikes

New Delhi, March 2: Indian equities market witnessed a gap down on Monday as global markets reeled from the escalating conflict in West Asia. The BSE Sensex fell 1,100 points. Meanwhile, the NSE Nifty 50 declined 330 points.

Broader market indices were also trading lower, with Nifty Midcap 100 opening at 57,090.80 from its previous close 59,115.60, and Nifty Smallcap100 opening at 16,289.60 from its previous close 16,928.90. Among sectoral indices, Nifty Realty was the biggest drag. Signatureglobal, Godrej Properties, and Lodha Developers and other realty shares declined at open. Nifty Realty was followed by Nifty Media, Nifty Oil, and Gas indices.

Top losers at the market opening included — Aki India Ltd., Rajesh Exports Ltd., InterGlobe Aviation Ltd., Birla Corporation Ltd., and Future Lifestyle Fashions Ltd. On the other hand, the top gainers were — Sterlite Technologies Ltd., Bharat Dynamics Ltd., Multi Commodity Exchange of India Ltd., KEI Industries Ltd., and Mishra Dhatu Nigam Ltd.

At pre open, the Sensex fell 3.4% or 2,743 points at 78,543.73 points, while the Nifty 50 was trading 2.06% or 519.40 points down at 24,659.25. Earlier, the GIFT Nifty signalled a gap-down opening for Dalal Street, sliding over 150 points in early trade. The weak cues followed a sell-off across global markets after the US-Israel joint strikes on Iran over the weekend.

The rupee also slided, opening at 91.26 against US dollar on Monday. It settled at 90.98 a dollar on Friday. As anticipated, metals stood out as a rare pocket of resilience as invetors turn to safe-haven flows.

Notably, benchmark indices had already ended lower on Friday amid broad-based selling. With global cues turning decisively negative and geopolitical uncertainty intensifying, volatility is expected to remain elevated in the near term.

Iran Conflict: Markets Spooked Globally

US stock futures also tumbled in overnight trade, with futures on the Dow Jones Industrial Average trading lower by nearly 400 points at one stage, down about 1%. Futures on the S&P 500 and the Nasdaq-100 also declined around 1 per cent each, reflecting growing anxiety over a wider regional war and its implications for oil supplies.

US President Donald Trump said combat operations would continue and vowed to “avenge” the deaths of American service members killed in Iran’s retaliation. In an interview with The New York Times, Trump said the conflict could last “four to five weeks”, underscoring investors’ fears of a prolonged confrontation.

The uncertainty spilled into West Asian markets as well. Trading was suspended on the Abu Dhabi Securities Exchange and the Dubai Financial Market for Monday and Tuesday, according to capital market authorities in the UAE.

Asian markets opened sharply lower. Japan’s Nikkei 225 and South Korea’s Kospi fell as much as 2-3% in early trade before trimming some losses. Hong Kong’s Hang Seng Index also opened in the red, while mainland China’s CSI 300 edged lower.

In contrast, oil prices surged as traders priced in supply risks from a key producing region. Brent crude jumped sharply, while US crude futures climbed as much as 8% in early trade. The spike in energy prices has added to inflation concerns at a time when global central banks are navigating a fragile growth environment.