Sensex flat above 78,000; Nifty below 24,250 amid global cues
Indian stock markets opened flat with very little changes on Wednesday, with Sensex rising 33 points and Nifty opening below 24,250 level as investors weighed fading hopes for a sooner end to the raging war between Iran and Israel-US, leading to the prolonged closure of the Strait of Hormuz.
Sensex opened nearly 33 points higher at 78,239, while Nifty 50 fell around 30 points to begin the session at 24,232. This comes a day after the benchmark indices had rebounded sharply following a sharp selloff, as crude oil prices dropped below $90 after surging past the $110 per barrel mark earlier.
Tech Mahindra, IndiGo, Tata Steel, Asian Paints and Reliance Industries shares were the top gainers on Sensex, while Kotak Mahindra Bank, ICICI Bank, Bharti Airtel, Bajaj Finance, Mahindra & Mahindra (M&M) and others led losses.
Heavyweight shares of Reliance Industries (RIL) gained after US President Donald Trump said that the Mukesh Ambani-led company will partner in developing the first new oil refinery in the United States in 50 years.
All the major sectoral indices on NSE were trading with marginal gains and losses, with Nifty Metal and Nifty Pharma gaining nearly 1% each. Nifty Auto, Nifty FMCG and Nifty Private Bank meanwhile were down in the red.
Iran-Israel war rages on
Despite earlier expectations of a sooner end to the war in the Middle East, the geopolitical tensions still continue to rattle the oil-rich area. US and Israel launched what some described as the war's heaviest strikes on Iran, even after the former’s President Donald Trump said on Monday that the conflict could be "over soon".
Iran’s government meanwhile warned that its state security forces were ready with "fingers on the trigger" to confront any revival of anti-government protests. The country targeted several areas in Israel, Lebanon and the Gulf early on Wednesday, as the war stretched into its 12th day.
This has led to expectations of prolonged closure of the Strait of Hormuz, despite bleak assurances from Trump. Iran's Islamic Revolutionary Guard Corps have promised to block oil shipments from the Gulf unless US and Israeli attacks stopped.
Crude impact
Crude oil prices rose slightly on Wednesday, with Brent crude rising 46 cents to $88.26 per barrel, as seen at 9 am IST. WTI Crude meanwhile gained 56 cents to $84.01 per barrel. Oil prices had massively surged earlier, crossing the key $100 per barrel for the first time on Monday after Russia invaded Ukraine back in 2022. The oil prices then sharply plunged yesterday, falling below the $90 mark. While oil prices are still hovering below that level, it has recorded a slight increase from yesterday.
Notably, the International Energy Agency (IEA) has proposed the largest release of oil reserves in its history to smoothen the global oil crisis and stabilise crude oil prices, Wall Street Journal reported citing people familiar with the matter.
More to come...
Sensex opened nearly 33 points higher at 78,239, while Nifty 50 fell around 30 points to begin the session at 24,232. This comes a day after the benchmark indices had rebounded sharply following a sharp selloff, as crude oil prices dropped below $90 after surging past the $110 per barrel mark earlier.
Tech Mahindra, IndiGo, Tata Steel, Asian Paints and Reliance Industries shares were the top gainers on Sensex, while Kotak Mahindra Bank, ICICI Bank, Bharti Airtel, Bajaj Finance, Mahindra & Mahindra (M&M) and others led losses.
Heavyweight shares of Reliance Industries (RIL) gained after US President Donald Trump said that the Mukesh Ambani-led company will partner in developing the first new oil refinery in the United States in 50 years.
All the major sectoral indices on NSE were trading with marginal gains and losses, with Nifty Metal and Nifty Pharma gaining nearly 1% each. Nifty Auto, Nifty FMCG and Nifty Private Bank meanwhile were down in the red.
Iran-Israel war rages on
Despite earlier expectations of a sooner end to the war in the Middle East, the geopolitical tensions still continue to rattle the oil-rich area. US and Israel launched what some described as the war's heaviest strikes on Iran, even after the former’s President Donald Trump said on Monday that the conflict could be "over soon".
Iran’s government meanwhile warned that its state security forces were ready with "fingers on the trigger" to confront any revival of anti-government protests. The country targeted several areas in Israel, Lebanon and the Gulf early on Wednesday, as the war stretched into its 12th day.
This has led to expectations of prolonged closure of the Strait of Hormuz, despite bleak assurances from Trump. Iran's Islamic Revolutionary Guard Corps have promised to block oil shipments from the Gulf unless US and Israeli attacks stopped.
Crude oil prices rose slightly on Wednesday, with Brent crude rising 46 cents to $88.26 per barrel, as seen at 9 am IST. WTI Crude meanwhile gained 56 cents to $84.01 per barrel. Oil prices had massively surged earlier, crossing the key $100 per barrel for the first time on Monday after Russia invaded Ukraine back in 2022. The oil prices then sharply plunged yesterday, falling below the $90 mark. While oil prices are still hovering below that level, it has recorded a slight increase from yesterday.
Notably, the International Energy Agency (IEA) has proposed the largest release of oil reserves in its history to smoothen the global oil crisis and stabilise crude oil prices, Wall Street Journal reported citing people familiar with the matter.
More to come...
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