Sensex and Nifty dropped sharply on Monday in response to the heightened tensions in the Middle East after the US bombed three major nuclear sites in Iran. After plummeting 931.41 points in day trade, the Sensex recovered some lost ground to close 511.38 points and 0.62 per cent lower at 81,896.79. The NSE Nifty, on the other hand, dropped 140.50 points (0.56 per cent) to 24,971.90.
The market recovered despite the initial setback, supported by gains in capital goods and metal stocks as doubts about immediate oil supply disruption abated.
While HCL Tech, Infosys, Larsen & Toubro, Mahindra & Mahindra, Hindustan Unilever, ITC, Tata Consultancy Services and Maruti were the biggest losers, Trent, Bharat Electronics, Bajaj Finance and Kotak Mahindra Bank did well.
Meanwhile, the unexpected US airstrike on Iran’s nuclear facilities over the weekend triggered a sharp rise in crude oil prices and led to consolidation in the domestic equity market. Global oil benchmark Brent crude also climbed 0.49 per cent to US $77.39 a barrel.
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