Sensex drops 900 pts; Nifty breaks 23,800 on renewed US-Iran conflict; IT falls

The Nifty50 and the Sensex fell as oil prices resumed rally after Iran accused the US of violating the ceasefire agreement.

Iran’s Parliament Speaker Mohammad Bagher Ghalibaf said that the deep distrust toward the US stemmed from the country’s pattern of violating any form of agreement, which has been repeated again. The violations are Israel’s continuous attack on Lebanon and drones flying into Iranian space, he said in a statement on a social media post.

As of 9:18 AM, the Nifty50 was trading 0.36 per cent or 86.90 points down at 23,910.55, and the Sensex was trading 0.50 per cent or 384.78 points down at 77,178.12.

Infosys, Adani Ports and Special Economic Zone, Shriram Finance, and HCLTech shares were the top losers in the Nifty 50 index.

In the broader markets, the Nifty MidCap and the Nifty SmallCap indices were trading 0.28 per cent and 0.57 per cent higher, respectively.

Sector-wise, the Nifty Metal and the Nifty Media outperformed, while the Nifty IT declined the most.

Brent Crude’s April contract was trading 2.9 per cent higher at $97.50 per barrel.

The Gold and Silver futures were trading 0.66 per cent and 2.02 per cent down, respectively.

Q4 results today

Shares of Tata Consultancy Services (TCS), Anand Rathi Wealth, GM Breweries, and Rajputana Stainless will remain in focus ahead of their quarterly earnings announcement today.

IPO Today

Om Power Transmission Initial Public Offer (IPO) will open for subscription on Thursday. It’s a book-build issue of ₹150.06 crore. The IPO will close on April 13. The tentative listing date is April 17.