Stock Market News: Domestic benchmarks Sensex and Nifty 50 opened with a steep gap-down on March 19 amid escalating tensions in West Asia after fresh strikes targeted key energy facilities in the region.
The BSE Sensex opened with a gap-down of 19,53.21 points, or 2.55 per cent, at 74,750.92, while the NSE Nifty 50 started lower by 580.05 points or 2.44 per cent, at 23,197.75.
Why Market Is Down Today
The following developments weighed on the market on March 19.
Fresh Attacks On Energy Infrastructure
The situation in the West Asia got much worse on March 18 after Israel carried out an attack on Iran’s South Pars gas field. This facility is the largest natural gas field in the world, and is shared between Iran and Qatar.
Furious Iran, retaliated by launching strikes against Gulf nations including Qatar, Saudi Arabia and the UAE, after its South Pars was hit.
“The State of Qatar expresses its strong condemnation and denunciation of the blatant Iranian attack targeting Ras Laffan Industrial City, which caused fires resulting in significant damage to the facility,” said Qatar’s Ministry of Foreign Affairs in a statement on March 18.
Index Heavyweights Weigh Sensex, Nifty
Further, index heavyweights HDFC Bank and ICICI Bank, together representing over a fifth of the Nifty 50 and one fourth of Sensex, fell 8.66 per cent and 2.57 per cent, respectively, dragging the indices lower
This is a developing story... Stay tuned
