Israel-Iran clash hits Dalal Street, Sensex nosedives over 900 points

Benchmark stock market indices took a sharp dive as escalating tensions between Israel and Iran rattled global investors.
The Sensex plunged over 900 points as of 10:21 am, while the Nifty fell over 280 points, weighed down by widespread selling across sectors.
Concerns over the impact of the conflict on oil prices and global trade contributed to the bearish sentiment, leaving investors on edge.
Broader market indices followed suit, with all sectors trading in the red amid rising oil prices and global instability concerns.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The hallmark of a bull market is its ability to climb all walls of worries. This bull market is doing exactly that. The market is ignoring even the worsening situation in the Middle East.”
“The steady US market yesterday signals the market’s belief that the conflict between Israel and Iran is unlikely to impact economies and corporate earnings. However, the situation will change if Israel attacks any oil installations in Iran, which will trigger a huge spike in crude. If it happens, it can turn out to be more damaging for oil importers like India,”he added.
“Therefore, investors should watch the emerging situation very closely. A partial switch in portfolios to defensives like Pharma and FMCG also can be thought of,” Vijayakumar explained.
Iran launched 180 missiles into Israel on Tuesday amid the Jewish nation’s airstrikes in Lebanon. Israeli Prime Minister Benjamin Netanyahu vowed to make Iran “pay the price” for firing more than 180 ballistic missiles. Israel and its allies managed to intercept most of the missiles but said that they would retaliate.
Iran’s latest attack on Israel came amid Israel’s continuous airstrikes in parts of Lebanon, including parts of Beirut, to target Hezbollah strongholds. Soon after eliminating top Hezbollah leader Hassan Nasrallah. Israel began targeted ground raids in Lebanon.
The Jewish nation launched an airstrike in central Beirut on Thursday, killing at least two people and injuring 11 others. The Lebanese health ministry reported late Wednesday that 46 individuals were killed, and 85 others injured due to “enemy Israeli strikes” across the country in the last 24 hours, AFP reported.