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Indian Stocks Tumble on Geopolitical Fears
2 Jun
Summary
- Stock indices fell for fourth consecutive session due to selling.
- Elevated crude oil prices and US-Iran conflict caused market declines.
- Foreign investors offloaded equities worth Rs 21,105.86 crore on Friday.
Benchmark stock indices Sensex and Nifty concluded Monday's trading session lower, marking their fourth consecutive day of declines. The sell-off was particularly pronounced in sectors such as Fast-Moving Consumer Goods (FMCG), financial services, and automotive.
This downward trend was significantly influenced by elevated global crude oil prices, which saw Brent crude trading over 3.34 per cent higher at USD 94.16 per barrel. Additionally, persistent uncertainty regarding the US-Iran conflict and a potential 60-day ceasefire added to market apprehension.
The market experienced considerable volatility throughout the day, with the Sensex hitting a high of 75,367.93 before settling lower. Major laggards included Hindustan Unilever, ITC, and Kotak Mahindra Bank, while Tech Mahindra and Infosys saw gains.
Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 21,105.86 crore on the preceding Friday. This outflow, coupled with geopolitical concerns stemming from recent US strikes and cross-border hostilities, reinforced a risk-off sentiment among investors.
