SBI, BPCL, ITI share prices affected, Sensex, Nifty drop over Iran missile strikes on US targets in Iraq

Stock Market News: On account of Iran's missile strikes against the US forces in Iraq leading to rising in oil and gold prices, the Indian equity indices followed the weak global cues in the Opening Bell trade session. The BSE Sensex went down 390 points at 40,478 levels while the Nifty-50 index went down 116 points at 11,936 levels. Bank Nifty index dipped 456 points at 30,943 levels.

Speaking on current share market outlook SEBI registered technical stock analyst Simi Bhaumik said, "If the Nifty sustains above 12,000 and Bank Nifty manages to maintain above 31,350 because these two are the crucial levels for the Indian share market in coming to few trade sessions. However, Bank Nifty seems weak and if it fails to sustain above 31,350 levels then the heavy selloff in the banking stocks will lead to tank at Sensex and Nifty."

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Realty stocks received a maximum beating in the Opening Bell trade session as the BSE Realty index crashed more than 1 per cent. Realty major Sunteck Realty share price crashed 1.88 per cent, DLF shares shed 1.29 per cent, shares of Godrej Properties went down 1.61 per cent, Phoenix Mills stock price dipped 1.46 per cent while Sobha stocks nosedived more than 1 per cent.

After the air strikes by Iran against the US forces in Iraq, power stocks also witnessed its effect as the BSE Power index crashed near 0.75 per cent in the Opening Bell trade session. Power major Adani Power share price went down 1.23 per cent, JSW Energy shares dipped 1.71 per cent, KEC International and NTPC went down near 1.1 per cent. But, Reliance Infrastructure share price crashed 3.97 per cent. 

In the banking sector, State Bank of India or SBI share price dipped 1.67 per cent, Axis Bank shares went down 1.61 per cent, shares of Kotak Mahindra Bank slipped 1.16 per cent, HDFC Bank stock price went off 1.28 per cent while Federal Bank stocks went down 1.55 per cent. But, Yes Bank share price rose 2.88 per cent.

Among the major Asian indices, Japanese Nikkei crashed 1.4 per cent, Kospi went down 0.8 per cent, Hang Seng dipped 0.83 per cent.