Indian benchmark equity indices tumbled on Monday after selling in finance, banking and energy stocks amid escalating tensions in Middle East and surging crude oil prices overseas. According to analysts, investors refrained from taking risks amid uncertainty due to the Israel-Hamas conflict.
The BSE Sensex fell 483.24 points or 0.73 per cent to settle at 65,512.39. The Nifty lost 141.15 points or 0.72 per cent to close at 19,512.35.
“Indian equities were down today following weakness in the global market as the military conflict between Israel-Hamas flared up. Nifty opened gap down and remained in negative territory throughout the session to close with a loss of 141 points (-0.7%) at 19512 levels. All sectors ended in red with major selling seen in PSU Banks, Metals, and Consumer durables down 1-2%,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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“Concerns over rate hikes after strong US jobs data and a surge in oil prices due to war in West Asia made investors cautious. In the near term, we expect markets to remain volatile amid geopolitical stress and inflationary pressure ahead of CPI data to be released by the US, Europe, and China later during the week,” he added.
Top Stocks To Watch On 10 October:
Indian Oil Corporation
The state-owned oil marketing company has appointed Anuj Jain as Director (Finance) with effect from 9 October. Jain has more than 27 years of experience in the fields on finance, taxation, and commercial aspects of the oil and gas industry. Sanjay Kaushal has been named as the CFO of the company.
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Dr Reddy’s Laboratories
The pharma major was named in antitrust complaint filed in California court by Mayo Clinic and LifePoint Corporate Services. The complaint alleges improper restraining of competition and shared monopoly in the sale of Revlimid
Mazagon Dock Shipbuilders
The company has signed letter of intent (LOI) with an European client for the construction of 6 firm and 4 optional units of 7500 DST multi-purpose power vessels. The prices for the units would be decided at the time of contract signing.
Punjab National Bank
The government of India has appointed Bibhu Prasad Mahapatra as executive director on the board of Punjab National Bank with effect from 9 October. Previously, he was the chief general manager of the bank.
Container Corporation of India
The state-owned shipping company reported a 26.13 per cent YoY growth in domestic volumes at 2.61 TEUs (twenty feet equivalent) for the quarter ended September FY24, and Export-Import volumes rose by 3.50 per cent to 9.7 TEUs. Total volumes grew 7.69 per cent YoY to 12.3 TEUs during the July-September quarter.
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