Stock Market Today: Israel-Iran Tensions Jolt BSE Sensex, Nifty 50! Aviation, OMCs, Paints, Tyre Slide — Defence Stocks Shine

Stock Market Today: The escalation, marked by Israel’s airstrikes on Iran’s nuclear and military sites, pushed global crude oil prices sharply higher, sparking a sell-off across several oil-sensitive sectors.

Brent crude jumped $4.60 (6.63%) to $73.96 per barrel, while WTI crude climbed $4.99 (7.33%) to $73.03 — their biggest one-day surge since the start of the Russia-Ukraine war in 2022.

This sudden spike weighed heavily on oil-sensitive sectors such as aviation, paints, tyres, and especially oil marketing companies (OMCs).

Aviation stocks saw steep losses, with SpiceJet falling 5.64% and InterGlobe Aviation (IndiGo) down 5.62%.

Also Read: Knee-Jerk Reaction! Air India Crash Triggers Sell-Off In Aviation Stocks

Paint companies were also under pressure — Kansai Nerolac dropped 2.84%, Indigo Paints declined 2.79%, Asian Paints lost 0.75%, and Berger Paints slipped 0.64%. Tyre stocks like Apollo Tyres fell 1.44%, and MRF edged lower by 0.13%.

OMCs were among the worst hit. Bharat Petroleum Corporation Ltd (BPCL) fell 6.11%, Hindustan Petroleum (HPCL) dropped 5.34%, and Indian Oil Corporation (IOC) lost 3.91%.

Nilesh Jain, Vice President and Head of Technical and Derivatives Research at Centrum Broking, commented on the pressure in OMC stocks, saying, “OMC stocks, surely from a trading point of view, may see some sideways to negative bias.” 

However, he also pointed out early signs of recovery and sees an opportunity for long-term investors.

“If we see any meaningful decline further from here, that can be a good opportunity to accumulate as a positional bet,” he added, naming IOC as his preferred pick, with a target of Rs 155–Rs 160 and strong support at Rs 137.

However, oil exploration companies saw buying interest — ONGC rose 1.35% and Oil India gained 1.59%.

Meanwhile, defence stocks stood strong amid the market chaos. Shares of Unimech Aerospace surged 5%, Bharat Dynamics gained 1.40%, Hindustan Aeronautics Ltd (HAL) added 0.93%, and Paras Defence rose 2.95%.

Despite the rally in defence stocks, Jain cautioned against chasing momentum, saying, “Most defence stocks are looking extremely overbought. The risk-reward is not favourable at current levels.” 

He advised investors to wait for a correction but added that names like GRSE, Mazagon Dock, HAL, and Cochin Shipyard remain attractive for long-term investment if bought in tranches during a dip.

The broader market also reflected this nervousness. The Nifty 50 fell 415.20 points (-1.67%) to 24,473.00, and the BSE Sensex plunged 1,262.44 points (-1.55%) to 80,429.54. As of early afternoon trade, some recovery was seen, with the Sensex at 81,133.39 (-0.68%) and the Nifty at 24,722.30 (-0.67%).

According to NSE data, out of 2,815 traded stocks, 1,972 declined, only 774 advanced, and 69 remained unchanged.