The Indian stock market remained closed on March 3, on account of Holi 2026, giving a much-needed breather to investors who saw massive losses on Monday as global tensions triggered a sell-off spree.
The Middle East tensions on Monday forced investors to sell off their investments and holdings, which led to the downfall of the market. The equity benchmark Sensex plunged over 1000 points, while the Nifty 50 fell 1.24 per cent to close at 24865.
The sharp fall on Monday was due to deterioration of investors’ confidence after Middle-East tensions spiralled out of control with Iran targeting every oil producing country hosting American bases on their soil. Besides, the Brent crude oil traded above $100 per barrel on Tuesday, witnessing over a 13 per cent rise in a matter of two days.
Iranian forces also targeted oil transport ships after closing down the Strait of Hormuz on Sunday. India, which remains heavily dependent on the crude oil coming from the Strait, has urged all sides in the conflict to maintain restraint, while the government of India, on Monday, said it was deeply concerned with the developments taking place in the region. Trading will resume as per normal schedule after holidays are over. The investors are advised to track global cues and official exchange calendar for more updates.
Global markets, including S&P 500 and Dow Jones, along with majority of Asian stocks, traded in red on Monday, owing to constant tensions prevailing in the Middle East.
Also read: Middle East crisis triggers 20-25 per cent travel cancellations
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