Stock Market Updates: Sensex Tanks Over 700 Points, Nifty Below 24,950 Mark In Pre-Open
Indian benchmark indices Sensex and Nifty are expected to open on a cautious note today
Sensex Today: Indian benchmark indices Sensex and Nifty are expected to open on a cautious note today, as a sharp rise in crude oil prices and escalating geopolitical tensions weigh on investor sentiment. The situation intensified after the United States directly entered the Israel-Iran conflict with strikes on Iranian nuclear facilities, sparking fears of a broader regional war and unsettling global markets.
Adding to the pressure, mixed global cues and institutional fund flows are likely to influence market direction in today's session.
As of 8:20 AM, GIFT Nifty futures were trading 112 points lower at 25,111, indicating a gap-down start for domestic equities.
Global Cues
Asia-Pacific markets tumbled on Monday following the US airstrikes on three Iranian nuclear sites, which raised the spectre of a wider conflict in the Middle East and drove oil prices higher.
Brent crude rose 2.62% to $79.06 per barrel, while West Texas Intermediate (WTI) gained 2.75% to $75.89 per barrel. Oil prices have been on an upward trend in recent weeks due to rising geopolitical instability in the region.
Gold also surged amid the uncertainty, jumping 2.95% to $3,379.60 per ounce as investors flocked to safe-haven assets.
In equities, Japan's Nikkei dropped 0.74%, while the broader Topix fell 0.64%. South Korea's Kospi lost 1.22%, and Australia's ASX 200 declined 0.76%.
US stock futures retreated during early Asian trading hours. Dow Jones futures were down 0.3%, while S&P 500 and Nasdaq 100 futures slipped 0.3% and 0.4%, respectively.
On Wall Street last Friday, two of the three major indices closed in the red. The S&P 500 shed 0.22%, marking its third consecutive loss, and the Nasdaq Composite dropped 0.51%. The Dow Jones Industrial Average, however, inched up by 0.08%.
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Aparna Deb
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