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India's stock markets witnessed their worst single-day crash in nearly 15 months as the Sensex plummeted by nearly 2,500 points and the Nifty dropped 775 points, wiping off over 11 lakh crore rupees of investor wealth.
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00:01the gulf is up in flames literally
00:08world pays price for West Asia war
00:16LNG lifelines hit mayhem in markets
00:22get India weather the energy storm
00:29bloodbath on the last street that is our
00:32top focus on news track
00:36good evening you're watching news track
00:38here on India today I'm Akshra Tananda Gopal
00:41and yes we're going to be breaking down
00:42the impact that's been felt on India's
00:44markets as a result of gas and oil fields
00:47now being targeted in West Asia in the
00:50Middle East we've entered a new phase of
00:52the war one that's left the world hurt
00:55and dented financially let's take a look
00:58at the top 10 headlines first
01:02bloodbath on Dalal street is the sense
01:04expelled by nearly 2,500 points while the
01:07nifty dropped 775 points the market slid
01:10over 3 percent in broad-based sell-off
01:13driven by a mix of global and domestic
01:14triggers
01:16after Israel struck Iran's South Park's
01:19gas field Iran has retaliated against
01:21energy infrastructure across the Gulf
01:23major oil refineries have come under attack
01:26in Qatar Saudi Arabia and Kuwait
01:30Donald Trump has said that the US had no
01:33prior knowledge of Israel's attack on the
01:34strategically critical South Park's gas field
01:36however reports indicate that the US was
01:39informed of Israel's plans to strike the
01:41massive gas field but chose not to
01:43participate
01:46cost of West Asia war is burdening America
01:49reports claim Pentagon has sought over 200
01:51billion dollars to fund the Iran war the
01:54White House and US Congress approval will be
01:56needed for clearance the request is
01:57expected to face strong political resistance
02:04snubbed by allies Donald Trump has issued a fresh
02:07warning over the Strait of Hormuz calling his allies
02:09non-responsive Trump has threatened that he could
02:12finish off what's left of Iran the world is facing an energy
02:18crisis as Iran blocked supplies passing through the
02:21Strait of Hormuz vital subsea cables that carry global internet traffic
02:25also passed through Hormuz any damage to them could trigger massive vast
02:31internet outages and hit financial systems across countries including India
02:36situation in Lebanon remains grim amid continuous Israeli attacks in South
02:41Beirut thousands have fled their homes after Israel told civilians to
02:44evacuate people have moved to shelters many have shifted to makeshift tents
02:49now the BJP is fired the opening salvo for the Assam assembly elections unveiling key
02:55candidates chief minister Himanta Biswasarma will contest again from a Jalukbari former
03:00Congress leader Pradyal Bordalai who joined BJP yesterday has been fielded from this
03:04course after the NIA arrested six Ukrainian nationals over an alleged terror plot Ukraine
03:11has rejected any insinuations and supporting terrorist activities adding that it faces the
03:16consequences of Russian terror on a daily basis and Durandar the revenge has stormed the box office
03:23right from its paid previews directed by Aditya Dhar the movie is released in theaters today
03:27and is expected to gain over 120 crores in global collections just on opening day
03:41after completely isolating Trump US allies now seem to be rallying behind a secure the
03:47strait of almost plan you've got a joint statement that's now been released in which several countries
03:54the UK Germany France Italy Japan they've come out and issued a statement in which they say and I quote
04:02we express our readiness to contribute to appropriate efforts to ensure safe passage through the
04:08strait of almost UK France Germany Italy Netherlands Japan they will come together to say they're ready
04:16to help on the strait of almost to stabilize energy markets because every country now is feeling the
04:21pinch NATO is now on board Trump after lashing out at his allies now says they're becoming much nicer and
04:30has welcomed the fact that they have now said that they will do whatever they can to secure the
04:34strait of almost the big question that will be asked is does that also translate to providing military help to
04:41secure the
04:45situation situations in the Middle East and also the entire world we are actually experiencing a very severe security environment
04:54I firmly believe that it is only you Donald who can achieve peace across the world and to do so
05:04I am ready to reach out to many of the partners in the international community
05:10I am ready to achieve our objective together
05:13and Iran Iran's development of nuclear weapons must never be allowed and that is why we Japan have been urging
05:22them and also reaching out to other partners in the world
05:25okay let me bring in Gita Mohan for more details on this Gita a clear change of heart for NATO
05:32allies possibly triggered by the fact that they're all feeling the pinch now of the energy markets and the instability
05:38right now in the market
05:40but what does this really mean when they say they're on board to secure the straits does that also include
05:45military help Gita
05:47well it could certainly mean escorting the vessels but is Europe going to get involved or NATO and non NATO
05:57allies are they going to get involved militarily
05:59as of now that certainly when I read the statement I don't see military involvement I see using all ways
06:06and means to secure the passage which could mean yes some naval assets being deployed but more to do with
06:13how diplomatically they'd like to engage because that entire statement also calls for immediate moratorium on the attacks from both
06:23sides
06:23so it's not just one side where they're just condemning the Iranian attacks they're saying that there needs to be
06:30ceasefire and succession of attacks and the war on an immediate basis because yes everybody is feeling the pinch but
06:37in terms of getting into details of how they intend to secure the strait of Hormuz
06:43that still is not something that has been detailed out in the statement but a joint statement just when the
06:51United States of America has come out and said that they're going to hit Iran hard is something that's significant
06:57and this comes at a time like we are playing out the visuals Akshita
07:00even as Trump and Takayashi are in conversation they are going to talk about what kind of help is Japan
07:08going to extend so important conversations taking place NATO stepping up but not entirely in terms of military deployment I
07:17don't see that in that state
07:18I do wonder though Geetha and do you think that this is also a reaction to pressure from America the
07:24fact that Trump also was talking tough in the last few days suggesting that you know the need to fund
07:29NATO is something that he's going to look into suggesting that these allies never really stand by America do you
07:35think that played a part too in this joint statement
07:37Well everything has played a part that is a lot of pressure when it comes to NATO members and European
07:45allies non-NATO allies like Japan of the United States of America where they are looking at and reading the
07:53statements that are coming from Washington
07:56but more importantly Akshita over here is the fact that gas fields have been attacked there were counterattacks by Iran
08:03and that certainly means that markets will continue to remain on free fall when it comes to when it comes
08:10to not just oil companies but also manufacturing industry service sector you name it there is a real bloodbath at
08:17the stock market
08:20Yes and they are feeling that pinch so they really want an immediate succession of the war and a clear
08:29passage of vessels to various countries which for now doesn't seem like is going to happen
08:34Okay Geetha I'm going to request you to stay with me because we've had Trump speaking on the war just
08:39moments ago let's cut across to a news break on that on what Donald Trump has said is the current
08:43status of the West Asia war
08:46He's denied deploying troops for ground orbs no boots on ground is Trump's message
08:52He says we're not putting troops anywhere but continues to say that the war will be over very soon
08:58No specific timeline just says the war will be over very soon suggesting that Trump's leader Iran's leadership has been
09:06fully wiped out
09:07So the rhetoric from Trump continues no specific timeline however
09:11No tangible takeaways on what the end result of this war what the end game of the war really could
09:18look like
09:18Listen in to what Trump said
09:21No I'm not putting troops anywhere
09:24If I were I certainly wouldn't tell you but I'm not putting troops
09:29We have the strongest military in the world by far we have the greatest equipment in the world by far
09:34in fact Japan buys our equipment
09:36Iran is a serious threat to the world to the Middle East and to the world and
09:42Everybody agrees with me. I think virtually every country agrees with me on that. So I
09:48Wanted to put out that fire and I said you know we do that oil prices will go up the
09:53economy will go down a little bit
09:55I thought it would be worse much worse. Actually. I thought there was a chance it could be much worse
10:00It's not bad and it's going to be over with pretty soon. We've obliterated the Navy. We've obliterated their
10:06Just about everything there is to obliterate including leadership
10:09The Navy's gone their Air Force is gone their anti-aircraft equipment is gone. We're flying wherever we want Pete
10:16We have no nobody even shooting at us. They have I
10:22Mean and as you know their leadership is gone their leaders are gone
10:26They pick new leaders they're gone they pick new leaders they're gone and now they're looking for new leaders again
10:33We can take out the island if any time we want
10:40Okay, so he thought we've just heard some of the highlights of what Trump said and a typical Trump style,
10:46you know a lot of
10:47Just thumping a lot of rhetoric about how they've obliterated everything they can including every single leader in Iran
10:54But the reality is that the war continues Geetha, you know, you've got Trump saying the war will be over
10:59very soon
11:00There is a lot of domestic pressure right now on Trump
11:03You know about this conflict about this war and perhaps that's weighing out also on him
11:07Well, actually I'd like to take the statement
11:10Declare an American victory and say the war is over. That's the best that best news
11:16I just ahead of Eve for the entire West Asia and for the Persian Gulf
11:22There is nothing better than the war ending right now because anything beyond this the entire world is going to
11:30feel the economic pinch of it
11:32So whatever he's saying the biggest
11:35Takeaway from this interaction today is that he's not going to deploy
11:40forces on the ground
11:41Something that america has learned over and over and over again, but yet not really
11:49Really ensure that they learn the lesson enough to not repeat it over here
11:54If trump is saying he's not going to repeat the past mistake of putting forces and boots on the ground
12:00That's a huge huge takeaway
12:02There were reports that they were going to they're going to take over the island that that is very dear
12:09the heart island
12:10Which is very dear to Iran because that's where the oil production really happens
12:14If that is not going to happen if that's not the end game
12:17And the end game is this with pete exit saying that today tonight is going to be a big night
12:22Then so be it
12:25Call define your victory
12:28Declare it and exit there is no better answer
12:31We've not seen the gulf he despite all the calls by donald trump
12:36We've not seen the gulf countries really come out and start attacking also remember when you see these statements
12:42Akshita don't look at these statements in isolation
12:45There's another set of statements that are coming out from gulf nations oman particularly so rather upset
12:51With the fact that there was a deal for america to take and instead they chose war that this is
12:57a war of their choosing
12:58So if they're not deploying and he's saying that this war will end soon
13:02It means he's feeling the economic heat not just from outside but now from within as well
13:09But you know the question that will be asked is whether they will be able to call this off on
13:14their own terms
13:14Because it's also about creating that narrative
13:17Will there be space for america to create that kind of a narrative?
13:20Thanks very much keita for joining us on this broadcast on those news breaks
13:24We're cutting across to the latest on the escalation now in the west asia war
13:29iran is continuing to strike energy facilities
13:33Extremely worrying because israeli media has now confirmed that haifa refinery has been struck by iran
13:41Haifa refinery has been damaged after iranian strikes the israeli media has confirmed that no casualties have been reported
13:48But just imagine the damage remember that we're seeing gas fields oil fields now across the gulf
13:53Being targeted by iran because of the fact that the south powers field was targeted by israel
13:59And so soon after that iran has been retaliating they've managed to get through to the refinery in israel too
14:06That was their target now a lot of their missiles have been intercepted
14:10But there are reports suggesting that at the haifa refinery there has been damaged
14:14No casualties reported the israeli media however confirming that there has been an attack on their refinery
14:23As a result of what we've seen in the last 24 hours an escalation where gas fields has now become
14:29fair game
14:30And is being targeted not just in iran but across the gulf
14:34It's led to a bloodbath in markets here in india too
14:3712 lakh crore rupees wiped off in a single day
14:42India hasn't just seen the worst market crash since the onset of this war in the last 20 days
14:48We've actually seen the worst fall in nearly two years
14:51Sensex plunged by nearly 2500 points and the biggest trigger was a sudden spike in crude oil prices
14:58Because like I said all of these fields these gas fields and oil fields being targeted
15:02There were also some domestic triggers which unsettled investors as well
15:07But after this bloodbath can india weather the storm amid the worsening energy crisis
15:13Let's break that down for you
15:17The trading day may have begun with the traditional opening bell on dalal street
15:21But it was the booms thousands of kilometers in the west
15:26The geopolitical nightmare in the gulf which set the direction for stock markets this morning
15:32The day marked a crucial turn in the 29 day old iran war with both sides crossing the red line
15:39Targetting each other's critical energy infrastructure
15:42The shockwave paralyzed global financial centers
15:46First wall street slumped then the asian markets
15:49The nse and the bsc in dices saw their worst single day collapse in nearly 15 months
15:57While the nifty fell 766 points, the sensex slumped nearly 2500 points
16:03The fall shaved off more than 11 lakh crore rupees of investor wealth in a single day
16:09The twin dices are down nearly 9% since the start of the hostilities on 28th of February
16:17What added to the sell-off was the resignation of Atanu Chakravarti as the chairman of HDFC Bank
16:23Which is not only the largest private bank in India
16:26But also the heaviest weighted stock in both of the major indices
16:31Chakravarti leveled some allegations against the bank
16:33And despite the bank's clarification
16:35The big sell-off in HDFC Bank
16:38The stock fell nearly 5.5% on nse
16:41Deepened the route in the market
16:44There were other reasons as well
16:46The biggest, a continued sell-off by foreign investors
16:49Thursday was the 15th consecutive day of FIIs offloading their shares in the Indian market
16:56In March, FIIs have already sold 73,705 crore rupees worth of shares in the cash market
17:05Crude oil first crossing the $115 level and then bounding past $108 added to the panic
17:12Another reason is the continuously weakening rupee
17:16Even RBI support has failed to stem its fall
17:19The US central bank added to the mix
17:21Refusing to lower interest rates and warning that inflation could return
17:25There was also some profit booking
17:28Both the indices have gained in the past three sessions
17:30And traders saw it fit to book profits
17:34But there is a silver lining as well
17:37The Indian markets have performed considerably better than some of the Southeast Asian peers
17:42Thanks to the domestic investors who have poured in nearly 1 lakh crore rupees in equities this month
17:48But analysts warn that with energy resources no longer sacrosanct in the Iran war
17:54The tide could turn stormy in the coming days
17:57Bureau Report, Business Today TV
18:03Investors are worried that crude prices could remain elevated if these tensions persist in West Asia
18:09And particularly if this ongoing energy warfare goes further
18:13This latest escalation that we've seen was actually triggered on March 17
18:18Because it started with Israel striking a key energy facility in Iran
18:23The South Park's gas field
18:25Any disruption here has an impact on Iran, the region and the world
18:30And so Iran immediately saw red
18:32Vowing retaliation against energy infrastructure across the Gulf
18:36And in a matter of hours that's exactly what happened
18:39Missiles were soon launched towards Qatar, towards Saudi Arabia
18:43All of Iran's neighbours are of course packed with these gas and oil fields
18:48So Iran started firing missiles at them
18:50Qatar reported heavy damage at the Raslafan industrial city
18:54It's a key energy hub
18:56Also in Saudi Arabia, the Samref refinery has also been hit
19:00After Qatar and Saudi, a fire was also reported at Kuwait
19:04It's Al-Abdallah refinery port and the Mina al-Ahmadi refinery port
19:09And so multiple targets now that Iran has found went after
19:13Israel has also confirmed that an Iranian ballistic missile was intercepted in the oil refineries of Haifa
19:19But the Israeli media has reported that there has been some damage there too
19:23With so much happening in West Asia, what does this mean for India?
19:30It is extremely concerning because I've listed out for you some of the gas fields and oil fields that have
19:34been targeted
19:35How does that directly hit India?
19:37I'll explain that for you
19:38Raslafan in Qatar, which I told you was hit, damaged 40-47% of India's LNG imports comes from this
19:48particular field
19:49And so with it being hit, the question is what will it mean for India?
19:54Our LNG imports could be dented
19:55In Saudi Arabia, the Samref, which is a refinery, we told you that that too has been targeted
20:0115-20% of India's crude imports from this particular location
20:07And most of these countries now, not just because they've been damaged
20:10But otherwise, this precautionary measure has more or less shut it down
20:14Even in Kuwait, there were two mentions that I made of two fields
20:18There's one Al-Amadi and the other also of the other location
20:23Both 4-5% of India's crude imports
20:27South power, so of Iran, which is what started it all
20:31Israel targeting that particular plant
20:33It affects global LNG supply
20:35And yes, that means India too
20:49What does India do in such a circumstance?
20:52Because like I've highlighted for you, there are many of those fields that India also is reliant upon
20:58What is India's plan B?
21:00Well, as far as LPG is concerned, LPG shift procurement now actively diversified
21:06So what the government has done is they've said we're not going to be dependent on just a few countries
21:11Particularly in the Gulf
21:12That dependence has been moved
21:14So dependence on Gulf nations reduced
21:16Instead, we're looking at alternatives
21:19US, Norway, Russia, Algeria
21:22They've all emerged as alternatives
21:24Bypassing the Strait of Ormuz
21:26Yes, India has access to the Strait
21:29But we can't afford to take chances
21:30And it doesn't mean every ship can come through
21:33Crude oil is now being sourced from 40 nations
21:36And 70% of oil imports are from routes outside of the Strait of Ormuz
21:42And this has deliberately been done
21:44Because we don't know what kind of a timeline we're really looking at as far as this war is concerned
21:49What about crude oil?
21:51The government has said there's absolutely no reason to worry about oil supplies
21:55India has been aggressively purchasing Russian crude oil
21:58Remember that there was an incident just 24 hours ago which was confirmed
22:03That Russian tankers which were headed to China
22:06Made a U-turn abruptly
22:08And headed towards India instead
22:10And this is part of the strategy by the Indian government
22:1330 million barrels of Russian oil has been purchased in a week
22:18Because mind you, as we speak, even as a consequence of this war
22:22That is no longer a sticking point between US and India
22:27Alright, as we get you all of these details on exactly what India could do
22:32In the face of an escalating West Asia war
22:34And ramifications, repercussions being felt by each one of us
22:39Let's hope that with the joint statement of all countries
22:42Suggesting that they will help in securing the Strait of Ormuz
22:45Things ease up on the market front tomorrow
22:47We'll be tracking that very, very closely
22:49But for now I'm wrapping up this edition of Newstruck
22:51Thanks for tuning in
22:53Good night
22:53Good night
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