Indian benchmark equity indices witnessed a volatile session on Wednesday tracking a similar trend in global financial markets. Both the Sensex and the Nifty opened the session deep in red after Iran’s retaliatory attack on US forces based in Iraq sent global markets into turmoil, but pared losses later as both US and Iran indicated at the need of de-escalating tensions. Here’s a look at the 10 key developments in the financial markets:
1. The S&P BSE Sensex dropped as much as 400 points during the day, but later recovered to trade nearly 40 points down, or 0.1%, at 40,814 in late afternoon session.
2. The broader Nifty 50 index also slipped around 125 points at the lowest point of the day, but was later regained the 12,000 levels, trading down nearly 30 points, or 0.2%.
3. All major sectoral indices, except IT and Telecom, were trading in the red. The Capitals Goods, Oil & Gas and Metal indices were among the biggest losers, down 1-1.5%.
4. As of 3 pm, 19 of the 30 Sensex stocks were trading in the red. Larsen and Toubro (L&T), Infosys and ONGC were among the biggest losers, while Tata Consultancy Services (TCS), Bharti Airtel and Ultra Cement were the biggest gainers.
5. The BSE Smallcap and Midcap indices performed relatively better on Wednesday, trading nearly flat compared with their previous close.
6. The Indian rupee touched a low of 72.07 per dollar in intra-day trade but later recovered to trade at the day’s high of 71.93 compared with its previous close 71.83.
7. Indian gold prices also hit new record highs after investors flocked towards safe havens. On MCX, gold contracts for February hit a record high of Rs 41,278 per 10 gm. Silver futures rose 1.4% to Rs 48,785 per kg.
8. In the international markets, gold prices soared over 2% on Wednesday to breach the $1,600 mark for the first time in nearly seven years. Spot gold rates climbed over 2% to as much as $1,610.90.
9. Brent crude prices climbed more than 4% immediately after news of the attack, hitting a high of $71.75 per barrel, but later pulled back to trade at $68.55. US WTI crude futures also spiked 4.5%, or $2.85, to a session high of $65.65 before shedding gains to trade at $62.82.
10. Dow Jones futures, too, fell more than 400 points at the lows on Wednesday morning, but crawled back to trade 200 points lower. Futures for the S&P 500 were down 0.4%, while Nasdaq futures slid 0.6%.
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