Stock Market Plunges: Iranian Missile Strike  Impact

By: Geetanjali

After months of developing tension between Israel and Iran, when Iran launched its air strike on Israel on Saturday, April 13, 2024 in retaliation to Israel’s air strike on Iran’s embassy in Syria on April 1, 2024. Combined with increased U.S Federal cut and Inflation bombing, making a match made in heaven for this sudden plunge in stock market.

The Indian stock indices BSE Sensex and GIFT Nifty opened with a descended rate on Monday morning leading to uncertainties in the Indian and Global market.

Today’s Sensex and Nifty levels:

BSE Sensex has come crashing down to 520 points from its last closing of 74,244.50 level on monday, while Nifty 50 plunged to 22,369 by 150 points. (recorded at 11:00 am on monday morning)

Last Closing of Sensex and Nifty:

In a move the stock market has taken a hit. Sensex BSE and GIFT Nifty have sustained bear attack (a sudden drop of 20%).

On its last closing on Saturday, BSE Sensex 74,224.06 was recorded at 3:30 pm. And Nifty 50 was recorded at 22,515.03 at 3:30 pm on April 13. Before it came crashing down to 73,651.54 and 22,327.55 on Monday morning.

Market Outlook Today:

Dharmesh Shah, Vice President, ICICI Securities: Nifty 50 saw a decline in gain for the first time in the last three quarters on friday. This decline was due to uncertainties in the global market, unstable global geo-political conditions, increasing inflation in the U.S. However we can expect Nifty 50 to remain consistent at 22,800 level for the last quarter of FY 2024.

Mahantesh Sabarad, Independent Stock Market Expert: Suggested to invest in MFIs, he also added, “We should go for gold financing companies. It is not just the Muthoots and Manappurams of the world but certain PSU banks also utilise gold as one of the favoured mortgage items and they have substantial gold loans as well.”

Stocks Recommendation Today:

Stocks recommended by experts for intratrade today.

* RIL (Reliance Industries Ltd) , price range (Rs.2,920 – Rs.2,950).

* Delhivery Ltd, price range (Rs.458 – Rs.468).

* Max Financial Services, price range (Rs.1,016 – Rs.1,028).

* Apollo Hospitals Enterprise, price range (Rs.6,313 – Rs.6,370)

* Info Edge, price range (Rs.5,304 – Rs.5,600).

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