Gift Nifty plunged over 241 points on Friday morning, falling 0.97% to 24,756 as global and domestic concerns rattled investor sentiment.
The early weakness comes after Israel conducted airstrikes on Iran, dramatically escalating tensions in the Middle East and raising fears of a broader regional conflict.
According to reports by Bloomberg, explosions were heard in Tehran after Israel launched what it described as a "preemptive strike" against Iran's military infrastructure. Israeli Defense Minister Israel Katz declared a "special state of emergency," anticipating retaliatory missile and drone attacks from Iran. The sudden deterioration in geopolitical stability has sent shockwaves across global markets.
Closer home, investor sentiment has also been shaken by the tragic crash of Air India's Dreamliner flight AI171 in Ahmedabad. The incident claimed over 317 lives, including all 242 on board and at least 75 civilians in residential flats struck by the falling aircraft. The psychological impact of the disaster has extended beyond the aviation sector, casting a shadow on broader market confidence.
With both global tensions and local tragedy at play, market watchers are bracing for increased volatility across sectors in the coming sessions.
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