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Indian markets face a gap-down opening due to US-Iran tensions. Gift Nifty down 152 points. Crude oil prices rose. Asian markets slumped, tech stocks fell.
Stock market is likely to open in negative with Gift Nifty showing a gap-down start as tensions between Iran and the US have escalated
Stock Market Today: Indian equity market is likely to see a gap-down opening on Wednesday, July 08, as tensions between Iran and the US have escalated overnight following the attacks on commercial ships by Tehran in the Strait of Hormuz.
Several explosions were seen in the transit waterway region after the US Central Command carried out a series of ‘powerful’ strikes against Iran targeting key oil export hub on Kharg Island as well as Qeshm Island and the port cities of Sirik and Bandar Abbas.
Gift Nifty was down 152 points or 0.63 per cent, suggesting a negative start to Indian stock market on Thursday. Gift nifty was trading at 24,232 around 7:35 am.
Crude oil prices also shot up following the fresh escalation. Brent and WTI crude futures climbed up to 2.27 per cent to $75 and $72 per barrel, respectively.
Asian Markets Slump As Tensions Rise And Tech Rout
A combination of factors including rising fears of AI rally overblown and fresh tensions between Iran and the US have soured investor sentiment, leading to a selling pressure on technology stocks.
Asian markets fell sharply on Thursday, tracing the weakness in the US market overnight.
Kospi, South Korea’s benchmark index, fell nearly 4 per cent intraday on Wednesday to hit a low of 7,352, while Taiex, Taiwan’s benchmark index, corrected 1 per cent to trade around 45,147.
Tech heavy Nasdaq ended the session 1.16 per cent lower to 25,818, as investors scrambled to offload AI exposed stocks. Memory chip maker stocks SanDisk and Micron Technology fell sharply during Tuesday’s session amid profit booking and fears of correction after rallying phenomenally over hopes of exceptional growth.
About the Author
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the I…Read More
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