More than 1,000 people have lost their lives in the conflict between Israel and the Palestinian group Hamas. At the same time, geopolitical tension increased again due to the ongoing war between the two sides, the effect of which was also seen on the international market. Crude oil prices increased due to the ongoing attacks by Israel and Hamas. Due to which pressure is being seen in the stock markets globally.
The Israel-Palestine war has scared investors. According to Mint report, Nifty 50 and Sensex fell about one percent in the morning on October 9. Nifty closed at 19,653.50, which opened at 19,539.45. It fell 0.90 percent to the day’s low of 19,480.50.
The total market cap of companies on BSE declined to about Rs 316 lakh crore from about Rs 320 lakh crore in the previous session, causing a loss of about Rs 4 lakh crore to investors.
Talking about the Sensex, the Sensex opened at 65,560.07 as against the previous closing level of 65,995.63 and fell 0.85 percent to the day’s low of 65,434.61 in the trading so far on October 9. However, later the market calmed down a bit and around 9:50 am the Sensex was down 0.42 per cent at 65,719, while the Nifty 50 was down 0.39 per cent at 19,576.
BSE Midcap and BSE Smallcap indices, which fell about 1.5 per cent and 2 per cent respectively in early deals, also pared losses. Gift also remained on the red mark. It is trading at the level of 19,640.
Crude oil price increased
Crude oil prices rose more than 4% in the Asian market as the war between Israel and Hamas increased political uncertainty across the Middle East. Brent crude futures reached above $88 per barrel, while WTI crude futures were trading around $86.50 per barrel.
Demand for investment in gold increased
Apart from this, gold prices also increased and reached the level of $ 1,862 by about one percent. Amid rising tensions in the Middle East, demand for gold as a safe haven asset witnessed an increase. The precious metal rose up to 1.2% in Asian trading.
How was the market yesterday?
The markets remained closed on 7th and 8th October as it was Saturday and Sunday. On October 6, the domestic stock markets closed in the green and both Sensex and Nifty saw gains.
BSE’s 30-share standard index Sensex closed at 65,995.63 points with a gain of 364.06 points or 0.55 percent. An increase of 105.70 points or 0.54 percent was also seen in Nifty.
