Equity benchmark indices traded lower in early session on May 18 as oil prices rose after a drone attack on a nuclear power plant in United Arab Emirates (UAE) escalated tensions in West Asia.
Sensex Cracks 1,000 Points, Nifty Breaches 23,400 Amid West Asia Jitters, Depreciating Rupee
Sensex and Nifty slumped over 1 per cent in early trade as rising West Asia tensions triggered a broad-based market selloff
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At 9:50 AM, the Nifty 50 fell as much as 326.40 points, or 1.38 per cent, to 23,317.10, while the Sensex plunged 1,057.73 points, or 1.40 per cent, to the day's low at 74,180.26
Market breadth remained decisively weak, with 2,541 stocks declining against just 440 advances on the NSE. Data showed 55 stocks hitting their 52-week lows, while 120 counters were locked in lower circuits. In comparison, only 40 stocks touched 52-week highs and 39 hit upper circuits.
US President Donald Trump's warning to Iran to act quickly on stalled negotiations, saying time is running out, further dampened the sentiment.
“For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” Trump wrote in a post on Truth Social.
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