Middle East, China yank down Sensex

October 04, 2024 09:40

The selling pressure continues in the Indian stock markets as the Nifty fell more than 4 per cent in the last 5 sessions, while the Sensex declined by 4.3 per cent in the last 5 trading sessions.

Nifty on Friday opened at 25,181.90, down 68.20 points or 0.27 per cent, while the Sensex declined by 252.85 points to 82,244.25 or 0.31 per cent.

Experts highlighted that rising geopolitical tensions between Iran and Israel, along with a shift in foreign investment from India to China and Hong Kong and the SEBI circular, are all adding fuel to the decline in the Indian stock markets.

"This weekend will be tense for global markets. Crude oil went up 5 per cent yesterday on geopolitical premia. Even with China closed for a week till Oct 8th, we are seeing massive FII outflows from the Indian markets. How much of this is general risk off due to the Israel-Iran risk and how much of this is redirecting of FII flows into the Chinese markets is a matter for conjecture" said Ajay Bagga, Banking and Market Expert.

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