The Indian stock market resumed its losing streak in Friday’s session, with key averages losing all of their previous day’s gains as the war in the Middle East continued to worsen as it entered its sixth day, keeping investor sentiment fragile.
The Nifty 50 and BSE Sensex both lost 1.20% and 1.39%, respectively, while the broader markets exhibited a weak trend but still outperformed the benchmark indices. The Nifty Midcap 100 fell 0.69%, while the Nifty Smallcap 100 index closed 0.24% lower.
All major sectoral indices closed in the red, with Nifty Realty losing the most at 2%, while Nifty PSU Bank and Nifty Auto fell by 2% and 1%, respectively.
Tensions in the Middle East show no signs of abating, as both the US and Israel, along with Tehran, announced that they would continue attacking each other, indicating that there could be further escalation in the region. The latest reports indicate that over 1,200 people have already died on Iranian soil, along with dozens elsewhere in the region.
Iran has continued to damage US military sites in Arab countries and target energy infrastructure in neighbouring nations, reportedly blasting Bahrain Petroleum Company (BAPCO) refinery, Bahrain’s state-operated oil refinery, on Thursday.
President Donald Trump said he had “no time limits” on how long the war could go on, while Pete Hegseth, the US Defense Secretary, said it had “only just begun,” according to CNN. US President Donald Trump also said he was not worried about US gas prices rising as a result of the war in Iran: “If they rise, they rise.”
(more to come)