Sensex crashes 1,700 points as Iran war jolts investors

The Indian stock market witnessed a massive sell-off on Wednesday morning as global risk sentiment soured following the escalation of the Iran war. The benchmark Sensex plummeted over 1,700 points at the opening bell, while the Nifty 50 slipped by 500 points, reflecting deep-seated anxiety among investors worldwide. By 9:17 am, the market showed no signs of recovery, with the Sensex trading at 78,596.45 and the Nifty hovering around the 24,344 mark, marking a significant single-day percentage drop.

The carnage was broad-based, with heavyweights across sectors feeling the heat of the geopolitical turmoil. Infrastructure giant L&T saw its shares hit a one-month low, falling more than 12% over the last four sessions. Other major laggards included Tata Steel, IndiGo, and Shriram Finance, as high oil prices and supply chain fears gripped the trading floor. Both MidCap and SmallCap indices also faced severe selling pressure, wiping out billions in investor wealth within minutes of the market opening.

Interestingly, the IT sector emerged as a lone warrior in an otherwise bleeding market. Shares of Infosys and HCLTech managed to stay in the green, providing a slight cushion to the benchmark indices. Investors traditionally turn to defensive sectors like IT during periods of global uncertainty, and Wednesday's session was no different. Apart from Nifty IT, every other sectoral index traded with deep cuts, signaling a flight to safety among institutional and retail players alike.