Markets extend losses for 3rd session amid geopolitical conflict

Mumbai: Benchmark indices Sensex and Nifty ended lower for the third straight session on Thursday, in line with weak trends in global markets, as geopolitical uncertainties due to the ongoing Iran-Israel conflict unnerved investors. The US Fed’s decision to keep interest rates unchanged and rising global crude prices also dampened market sentiment, experts said. In a largely volatile trade, the 30-share BSE Sensex declined 82.79 points, or 0.10 per cent, to settle at 81,361.87. During the day, it hit a high of 81,583.94 and a low of 81,191.04, gyrating 392.9 points. As many as 3,018 stocks declined, while 959 advanced and 140 remained unchanged on the BSE. The 50-share NSE Nifty dipped 18.80 points or 0.08 per cent to 24,793.25.

“The Indian equity index experienced range-bound movement with a negative bias as cautious sentiment spread across the globe, driven by concerns over the potential US involvement in the Middle East conflict. “Investor mood was further affected by the Fed’s decision to keep interest rates unchanged while signalling persistent inflation and slower economic growth, which weighed on software export stocks,” Vinod Nair, Head of Research, Geojit Investments Limited, said. From the Sensex firms, Adani Ports, Bajaj Finance, Tech Mahindra, IndusInd Bank, Nestle and Tata Steel were among the major laggards.