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Rising Mideast Tensions Threaten Bloody Start for Indian Markets

19 Apr 2024 , 08:56 AM

This morning, Indian equities are poised for a gap down start following heightened tensions between Israel and Iran. The GIFT Nifty, at 7:55 AM Indian Standard Time, indicates a downtick of 350 points at the commencement of the trading day.

Reports reveal that Israeli missiles struck certain locations in Iran, prompting Iran to activate its air defense system. Consequently, tensions in West Asia have triggered a significant sell-off across the Asia Pacific region, with Japanese and Korean indices plummeting over 3%. Additionally, Dow Futures have dipped more than 500 points as of the latest update.

The escalating tensions have also driven a notable surge in crude oil prices, pushing Brent Crude above the $90 per barrel threshold and nearing a record high in Gold prices.

This abbreviated trading week has seen the Nifty decrease by over 2%, while the Nifty Bank has experienced a correction exceeding 3%. Given the indication from the GIFT Nifty, there's a possibility that the Nifty may open below its March 20 swing low of 21,710.

Institutional investors, particularly foreign investors, have been notable sellers in the cash market, offloading nearly ₹11,000 crore over the course of this four-day week.

Related Tags

  • BSE
  • Indian Stock Markets
  • Market opening bell
  • nifty
  • NSE
  • sensex
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