The Nifty50 and the Sensex tanked at open tracking losses in global equities as the fresh escalation in the US-Iran conflict pushed oil prices higher. As of 9:19 AM, the Nifty50 was trading 2.03 per cent or 483.05 points down at 23,294, and the Sensex was trading 1,618.53 points or 2.11 per cent lower at 75,085.60.
HDFC Bank, Larsen & Toubro, Tata Motors Passenger Vehicles, and Shriram Finance were the top loser in the Nifty50 index.
The Nifty India Volatility Index surged 16.7 per cent to 21.84 shortly after opening.
Broader markets fell in line with the benchmark indices. The Nifty MidCap and the Nifty SmallCap indices were trading 2.37 per cent and 2.01 per cent down, respectively.
Sector-wise, the Nifty Realty emerged as the worst performing index among peers. The index declined nearly 3 per cent as Godrej Properties and Lodha Developers were leading losses. The Nifty Media was the best-performing sectoral index with the least decline.
Global Cues
Asian markets declined in early trade, mirroring overnight weakness on Wall Street. Japan’s Nikkei 225 and South Korea’s Kospi were down 2.74 percent and 2.50 percent, respectively, as investors also awaited the Bank of Japan’s policy decision.
Overnight in the US, the S&P 500 fell 1.36 percent, while the Dow Jones Industrial Average dropped 1.63 percent. The Nasdaq Composite declined 1.46 percent.
The US Federal Reserve kept its benchmark interest rate unchanged at 3.5–3.75 percent following its two-day policy meeting. Chair Jerome Powell said the ongoing Iran conflict has added uncertainty to the inflation outlook, complicating the interest rate trajectory.
Brent crude prices rose as escalating strikes between Israel and Iran hit critical energy infrastructure, fuelling concerns of prolonged supply disruptions from a key oil-producing region. Brent’s May futures contract was up 1.24 percent at $112.6 per barrel.
In a further escalation, a major Qatari liquefied natural gas (LNG) facility—accounting for nearly one-fifth of global supply—reportedly suffered significant damage amid the widening conflict involving the US, Israel, and Iran, according to Bloomberg.
Meanwhile, gold futures slipped below the $5,000 mark, falling 1 percent to $4,848.71, as the Fed’s steady rate stance and heightened geopolitical uncertainty weighed on prices.
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