Stock market crash today: BSE Sensex plunges 550 points to below 73,000 level; Nifty50 below 22,150 as bear attack continues

Stock market crash today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Tuesday as well taking cues from global markets. BSE Sensex plunged 550 points and Nifty50 was below 22,150. At 9:21 AM, BSE Sensex was trading at 72,957.90, down 442 points or 0.60%. Nifty50 was at 22,145.00, down 128 points or 0.57%.

Indian markets faced challenges due to geopolitical concerns on Monday. Market analysts have said that the weakness was a result of the Iranian attack on Israel and ongoing worries about higher-for-longer US interest rates.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal said that he expected that domestic markets will face short-term challenges amidst increasing volatility. With the commencement of the result season and pledges made by various political parties, there is a possibility of witnessing sector & stock-specific movements.

On the daily charts,Jatin Gedia of Sharekhan said it is evident that Nifty is retracing the recent surge from 22710 to 22776. The crucial 50 and 61.82% Fibonacci retracement levels are positioned at 22240 to 22117. He said that if there is a rebound towards 22350 to 22370, it should be viewed as a selling opportunity.

US stocks ended the day significantly lower on Monday. The initial boost from a robust retail sales report faded due to an increase in Treasury yields and worries regarding escalating geopolitical tensions between Iran and Israel. Dow was down 0.65% and S&P 500 dipped 1.2%; Nasdaq fell 1.79%.

Asian stocks decreased, following the downward trend of Wall Street shares, following the recent signs of persistent US inflation that led to speculations that the Federal Reserve will not hurry to reduce rates.

Hang Seng futures dropped by 1%. Japan’s Topix also declined by 1%. Australia’s S&P/ASX 200 decreased by 0.9%. Euro Stoxx 50 futures saw an increase of 0.7%.

Oil prices increased on Tuesday amidst escalated tensions in the Middle East following the statement by Israel’s military chief regarding their intention to retaliate against Iran’s recent missile and drone strike, despite calls for moderation by allies.

The dollar was close to its peak since early November against some peer currencies on Tuesday. This raised concerns about possible interventions as the yen stayed at its lowest point since 1990 after hotter-than-expected U.S. retail sales.

Foreign portfolio investors sold a net of Rs 3,268 crore for the second consecutive day. On the other hand, DIIs purchased shares valued at Rs 4,762 crore.

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