Sensex Falls 700 Points, Nifty Slips Below 24,700; ONGC, Defence Stocks Gain

Indian benchmark indices Sensex and Nifty50 traded lower on Friday amid escalating geopolitical tensions between Israel and Iran and a sharp spike in global crude oil prices.

Early on Friday, Israel launched what it described as a “preemptive strike” on nuclear targets in Tehran, intensifying fears of a broader regional conflict and unsettling global markets.

At last check, the BSE Sensex had recovered from its intraday lows but was still down 728 points (0.91%) at 80,964. The Nifty50 also slipped 220 points (0.88%), trading at 24,667.

Market Breadth Weak; Tech Mahindra Only Gainer on Sensex

On the Sensex, Tech Mahindra was the only stock in the green, while all others traded in the red. Over on the Nifty50, 44 of 50 stocks were in the red, with only ONGC, BEL, Tech Mahindra, Wipro, Apollo Hospitals, Dr. Reddy’s, and HCL Tech showing gains.

Broader Markets Also in the Red

Broader indices mirrored the weakness, though losses were more contained:

Nifty MidCap 100: Down 0.3%

Nifty SmallCap 100: Down 0.3%

Sectoral Impact

The Nifty IT index was the first sectoral gauge to recover into positive territory. However, other key indices were under pressure:

Nifty Oil & Gas: Down up to 1.5%

PSU Bank, Auto, and Energy sectors also saw notable declines.

Crude Oil Prices Jump Nearly 9%

Amid fears of supply disruption, WTI Crude surged 8.69%, trading at $73.95 per barrel — its highest in weeks. The spike in oil prices comes as the Israel-Iran conflict stokes concerns of volatility in the global energy market.