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US-Iran tensions rattle markets (Img: Dynamite News)
New Delhi: Indian equity benchmarks opened lower on Tuesday as escalating tensions between the United States and Iran, rising crude oil prices and a broader sell-off across Asian markets weakened investor sentiment.
The 30-share BSE Sensex opened 344.06 points, or 0.44 per cent, lower at 77,272.34. The NSE Nifty 50 declined 143 points to begin trading at 24,068, slipping below the psychologically important 24,100 level.
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In the previous session, the Sensex had closed at 77,616.40, while the Nifty settled at 24,211. Broader markets also remained under pressure. The BSE Midcap Select Index declined 122.69 points, while the Smallcap Select Index fell 29.34 points to 8,743.94.
Among Sensex constituents, HCL Technologies was the biggest loser, falling more than 2.6 per cent. IndiGo, Bajaj Finance, UltraTech Cement and Mahindra & Mahindra also traded lower.
Tata Steel gained around 0.75 per cent and emerged as the leading performer. Adani Ports, Infosys, NTPC and Bharti Airtel were among the other gainers.
Market breadth remained weak, with 1,587 stocks declining against 718 advances on the NSE. Around 145 stocks were unchanged.
India VIX remained around 13.65, indicating heightened uncertainty among traders. Analysts said the Nifty could remain range-bound between 23,900 and 24,250 unless it records a decisive move in either direction.
Also Read: Stock Market Closing: Sensex rebounds 238 points, Nifty closes above 23,960
Asian equities declined as crude oil touched a one-month high amid renewed uncertainty surrounding the Strait of Hormuz and the US-Iran conflict. Rising energy prices have also revived concerns about inflation and tighter monetary policy.
Gift Nifty had indicated a weak opening after falling 153 points to 24,065. Foreign institutional investors sold Indian equities worth ₹3,062.27 crore on July 13, while domestic institutional investors purchased shares worth ₹2,171.70 crore.
Disclaimer: The information in this article is for informational purposes only and should not be considered investment, financial or trading advice. Readers are advised to consult a qualified financial advisor and conduct their own research before making any investment decisions.
