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Newsmakers of D-Street
The intensifying Iran-Israel war took a toll on the domestic markets on Wednesday which plunged amid selling pressure across sectors. Financials, auto and energy stocks were major laggards with buying action in select IT stocks. In a volatile session, the broader Nifty plunged 385.20 points, or 1.55%, to close at 24,480.50, while the 30-share Sensex plunged 1,048 points, or 1.40%, to settle at 79,116.19.Here are 7 stocks that saw action today:
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Indigo/SpiceJet:
Shares of India's largest airline company InterGlobe Aviation fell 5% intraday to hit the day's low of Rs 4,293 on the NSE as the Iran-Israel war situation worsens by the day. The Indigo shares fell amid concerns of a significant hit to company revenues in the wake of the conflict. The stock ended with cuts of 3% at 4,386. Meanwhile, SpiceJet was hit even worse, plunging 8% to the day's low of Rs 13.95.
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Tata Steel:
Tata Steel shares plunged 8% on Wednesday to hit the day's low of Rs 194.43 amid a market bloodbath that saw commodities plummet. Tata Group's flagship metal company was the worst loser in the Nifty Metal index as investors offloaded shares in hordes. Prices fell as inflation and global economic slowdown took root amid the war. The stock finally ended at Rs 196.06, down 7.08%.
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BPCL:
Shares of Bharat Petroleum Corporation fell 5.35% to close at Rs 354.75 amid sharp spike in crude oil prices in the past five days. A spike in crude prices hits refining margins of the oil marketing companies (OMCs), hitting their profitability. Indian Oil Corporation and Hindustan Petroleum Corporation also fell over 5%, each.
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L&T:
The shares of engineering major Larsen & Toubro (L&T) tumbled more than 7% intraday on Wednesday as the war in the Middle East continued to escalate with no signs of diplomatic resolution, raising investor worries about the company which has significant exposure to the Middle East. The stock finally ended at Rs 3,882 down 4.54%.
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Coal India:
Shares of Coal India rallied 2.7% intraday before closing at Rs 434.15 on the NSE, implying an uptick of Rs 7.90 or 1.85 over the Monday closing price. The prices rose amid expectations of energy supply disruptions in the wake of the Iran-Israel war.
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Paras Defence:
Shares of Paras Defence and Space Technologies rallied as much as 11% to their day’s high of Rs 750 on the NSE on Wednesday after the company announced it has signed a MoU with Green Optics Co., Ltd., South Korea, to collaborate in the field of optics and optical systems. The stock finally ended at Rs 725.05, 8% lower from the Monday closing price.
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Bajaj Hindusthan Sugar:
Shares of Bajaj Hindusthan Sugar ended 10% higher at Rs 17.40 today after the closure of Strait of Hormuz in the Middle East sparked a rally in oil prices amid the escalating war between Iran and Israel-US. The shooting oil prices rekindled expectations of Brazil producing more ethanol and less sugar, which in turn boosted the latter’s prices. Balrampur Chini ended 7% higher.
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