Market trade lower; oil & gas shares skid amid geopolitical tensions
The key equity benchmarks traded with major losses in morning trade, weighed down by negative global sentiment after Israel declared a state of emergency following strikes on Iranian nuclear and strategic sites. Market participants rushed toward safe-haven assets, while investors closely monitored geopolitical developments and trends in Brent crude oil prices. The Nifty traded below the 24,700 level.
Oil & gas stocks extended their losing streak for a second straight session amid escalating geopolitical tensions.
At 10:25 IST, the barometer index, the S&P BSE Sensex, declined 740.04 points or 0.90% to 80,959.72. The Nifty 50 index fell 225 points or 0.95% to 24,669.60.
In the broader market, the S&P BSE Mid-Cap index slipped 0.46% and the S&P BSE Small-Cap index dropped 0.40%.
The market breadth was weak. On the BSE, 1,093 shares rose and 2,452 shares fell. A total of 197 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surging 8.74% to 15.24.
Economy:
India's Consumer Price Index (CPI)-based inflation eased to 2.82% in May 2025, down 34 basis points from April's 3.16%, marking the lowest reading since February 2019. A key driver of the decline was food inflation, which dropped to 0.99%, the lowest since October 2021, significantly below both April's 1.78%.
Buzzing Index:
The Nifty Oil & Gas index fell 1.27% to 11,380.50. The index declined 2.94% in the two consecutive trading sessions.
Indraprastha Gas (down 3.51%), Bharat Petroleum Corporation (down 3.3%), Hindustan Petroleum Corporation (down 2.75%), Mahanagar Gas (down 2.66%), Gujarat Gas (down 1.73%), Reliance Industries (down 1.69%), GAIL (India) (down 1.69%), Adani Total Gas (down 1.69%), Indian Oil Corporation (down 1.51%) and Castrol India (down 1.08%) declined.
Stock in Spotlight:
Crompton Greaves Consumer Electricals shed 0.31%. The company has secured a Letter of Award (LoA) worth Rs 100.68 crore from the Maharashtra Energy Development Agency (MEDA) for supplying and installing 4,500 Off-grid Solar Photovoltaic Water Pumping Systems (SPWPS)
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Time of India
an hour ago
- Time of India
Israel Targets Iran's Nuclear Sites, Kills Top Generals
Live Events Israel launched strikes across Iran on Friday morning , targeting nuclear facilities and killing top military commanders in a major escalation against its chief adversary that risks sparking a broad war in the West strikes were far more extensive than those Israel carried out against Iran last President Donald Trump urged Iran to accept a nuclear deal with Washington to avoid further attacks, which Prime Minister Benjamin Netanyahu vowed would probably happen over the coming days as Israel looks to deal a severe blow to Tehran's nuclear programme. Tehran must make a deal 'before it is too late,' he said it struck around 100 targets across Iranian cities on Friday morning, using 200 fighter attacks caused oil to surge as much as 13%, though it later pared its gains, and investors to buy havens such as gold and US were heard across Tehran, Natanz—home to a key atomic site—and other cities, according to local and social media. Netanyahu said Israel 'struck at the heart of Iran's nuclear-enrichment programme.'The head of the Islamic Revolutionary Guard Corps, Hossein Salami, and the military's chief of staff, Mohammad Bagheri, were both killed, according to Iranian media. At least two other senior IRGC members also quickly responded by calling the attack 'a declaration of war" and sending a wave of drones toward Israel, though it was unclear if they caused any damage. Some were intercepted over Friday, Iran's Revolutionary Guards said they carried out more attacks against targets in Israel in retaliation for the latter's biggest attacks ever against responders said 7 people were injured in central Israel after an Iran missile state TV said at least one Israeli fighter jet was downed by air defence and its pilot expects Iran to retaliate with more drone strikes and also by firing ballistic missiles, according to a military official speaking on condition of evening fell on Friday, Iranian media reported explosions on the northern and southern outskirts of Tehran and at Fordow, near the holy city of Qom, a second nuclear site which had been spared in the first wave of attacks. 'The risk of this conflict expanding is real,' said Bilal Bassiouni, head of risk forecasting at advisory firm Pangea-Risk. 'Iran is under intense pressure to respond beyond drones, and a strike on Israeli military or strategic infrastructure, including energy or nuclear-linked facilities, is plausible.' The UN's atomic watchdog said there were no indications of increased radiation levels at Iran's main uranium-enrichment site of Natanz, an early sign the strikes haven't penetrated the layers of steel and concrete protecting the Islamic Republic's nuclear in the region condemned Israel's attack, while leaders around the globe called for immediate de-escalation from both sides. The Israeli Air Force said the Natanz strike hit an underground multi-story chamber with centrifuges and other infrastructure, causing 'significant damage'.Netanyahu said the strikes 'will continue for as many days as it takes to remove this threat.' Israel's UN ambassador said it was possible that the operation takes nuclear facilities, the initial phase of the strikes targeted Iran's air defenses and missile-production media said at least 95 people were wounded and that several residential buildings in the capital's suburbs were hit. Iran hasn't yet released an official death said Friday's strikes were 'very successful,' adding that Israelis would need to prepare for a retaliation and prepare to spend long periods in Supreme Leader Ayatollah Ali Khamenei said Israel will 'pay a very heavy price' and should 'expect a severe response from Iran's armed forces'. While Trump said he knew about Israel's operations in advance, it's unclear if he had much notice. As recently as Thursday he'd suggested he was against strikes, saying his administration remained 'committed to a Diplomatic Resolution to the Iran Nuclear Issue!Yet speaking to an ABC reporter on Friday, he said Israel's attack had 'been excellent'. 'We gave them a chance and they didn't take it,' Trump said of Iran and its nuclear talks with the US. 'They got hit about as hard as you're going to get hit. And there's more to come.'The US was 'not involved' in Israel's strikes, Secretary of State Marco Rubio said. He warned Iran against targeting US interests or personnel in US and Iran were meant to meet for their next round of nuclear talks on Sunday in Oman. It's unclear if those negotiations will still happen. Oman's government — in the first comments from a Gulf state — said Israel's actions were reckless and would undermine regional Arab states echoed those comments, including Saudi Arabia, the United Arab Emirates and UK's Prime Minister Keir Starmer urged 'all parties to step back and reduce tensions urgently' and said 'escalation serves no one in the region'.Regional crisisThe attacks risk plunging the Middle East — which has been mired in various conflicts since militant group Hamas attacked Israel from Gaza in October 2023 — even deeper into crisis and hitting the global countries closed their airspace, including Israel, Iran, Iraq, Syria, and Jordan. That's forcing airlines to fly longer routes, adding to fuel costs and disrupting schedules.'Risks are high this will escalate into a broader regional conflict,' say Bloomberg Economics analysts including Jennifer Welch, Adam Farrar and Tom Orlik. The clearest hit to the global economy will come via higher energy prices, they said.'Israel's alarming decision to launch airstrikes on Iran is a reckless escalation that risks igniting regional violence,' Senator Jack Reed, the top Democrat on the Senate Armed Services Committee, said in a statement. He said Trump and other nations need to push for 'diplomatic de-escalation before this crisis spirals further out of control.'Republican politicians refrained from criticising Israel and largely said the country was provoked by Defense Minister Israel Katz said it was a 'preemptive strike,' with the country's officials saying they had evidence Iran was planning an has repeatedly insisted that its atomic activities are for peaceful, civilian purposes only. But it has significantly expanded uranium enrichment since 2019 — a response to Trump's withdrawal the year before from a 2015 nuclear deal signed under Barack Obama's administration.
Economic Times
an hour ago
- Economic Times
Air India crash, emergency landing and Iran-Israel tensions spark sky scare among flyers
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Services 1. Industry seeks government sops to revive tourism in Kashmir New Delhi: The fatal Boeing 787 Dreamliner crash in Ahmedabad, a bomb scare causing emergency landing of a Phuket-Delhi flight, and several flight diversions due to Iranian airspace closure after Israel unprecedented wave of disruptions in two days has spooked Indian air travellers, with many seeking to reschedule their trips in the near term, travel companies business and leisure travellers have taken to social media for queries and rescheduling requests. On Friday, Air India diverted or recalled at least 16 flights on transatlantic and European routes as Iran closed its airspace after Israel launched an attack targeting its nuclear and military flights included the AI130 London Heathrow-Mumbai flight that was being diverted to Vienna and the AI102 New York-Delhi flight that was being diverted to Sharjah. In a statement, Air India also stated the AI103 Delhi-Washington flight was returning to Delhi, the AI188 Vancouver-Delhi flight was diverting to Jeddah, and the AI132 London Heathrow-Bengaluru flight was being diverted to Tata Group airline said alternative arrangements are being made to fly passengers to their destinations, noting that it is providing accommodation where needed to minimise disruption. This comes just a day after the crash of an Air India flight in Ahmedabad that killed at least 265 people. Many travellers are posting queries and concerns on social media.'I have a flight to London tomorrow AI129 from Mumbai to London. Can you please let me know if the flight will go ahead or not? Please let me know,' one Karan Awasthi posted on X tagging Air India. In a subsequent post a few hours later, he said: 'What the hell! Can't you reply to genuine concerns?'Another user, Jenny claimed that flight AI130, which was diverted to Vienna, was heading to Milan instead. 'My husband is onboard. No food provided. No clear updates. What's going on?' she Gosain, president of Indian Association of Tour Operators (IATO), said the uncertainty around airspace closures, flight delays and rerouting will likely remain prevalent for the foreseeable future due to the Israel-Iran conflict, making planning and executing trips more 'complex'. 'We also heard about a flight from Phuket to Delhi being diverted due to a bomb threat. Incidents like these, combined with the ongoing geopolitical tensions, create a ripple effect across the global travel ecosystem,' Gosain said.'If instability around geopolitical tensions persists, the long-term effects on consumer confidence and global mobility could be significant,' he agencies said they are busy fielding queries and rescheduling requests from people scheduled to travel in the coming few days, with many also raising concerns about the safety of Boeing aircraft following media reports.'Customers are asking for model numbers and aircraft details of flights following Thursday's crash. Even we don't have the details at times and have to research on these,' said Kapil Jain, cofounder and CEO of Fly Divine Travels.
Time of India
an hour ago
- Time of India
Air India crash, emergency landing and Iran-Israel tensions spark sky scare among flyers
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: The fatal Boeing 787 Dreamliner crash in Ahmedabad, a bomb scare causing emergency landing of a Phuket-Delhi flight, and several flight diversions due to Iranian airspace closure after Israel unprecedented wave of disruptions in two days has spooked Indian air travellers, with many seeking to reschedule their trips in the near term, travel companies business and leisure travellers have taken to social media for queries and rescheduling requests. On Friday, Air India diverted or recalled at least 16 flights on transatlantic and European routes as Iran closed its airspace after Israel launched an attack targeting its nuclear and military flights included the AI130 London Heathrow-Mumbai flight that was being diverted to Vienna and the AI102 New York-Delhi flight that was being diverted to Sharjah. In a statement, Air India also stated the AI103 Delhi-Washington flight was returning to Delhi, the AI188 Vancouver-Delhi flight was diverting to Jeddah, and the AI132 London Heathrow-Bengaluru flight was being diverted to Tata Group airline said alternative arrangements are being made to fly passengers to their destinations, noting that it is providing accommodation where needed to minimise disruption. This comes just a day after the crash of an Air India flight in Ahmedabad that killed at least 265 people. Many travellers are posting queries and concerns on social media.'I have a flight to London tomorrow AI129 from Mumbai to London. Can you please let me know if the flight will go ahead or not? Please let me know,' one Karan Awasthi posted on X tagging Air India. In a subsequent post a few hours later, he said: 'What the hell! Can't you reply to genuine concerns?'Another user, Jenny claimed that flight AI130, which was diverted to Vienna, was heading to Milan instead. 'My husband is onboard. No food provided. No clear updates. What's going on?' she Gosain, president of Indian Association of Tour Operators (IATO), said the uncertainty around airspace closures, flight delays and rerouting will likely remain prevalent for the foreseeable future due to the Israel-Iran conflict, making planning and executing trips more 'complex'. 'We also heard about a flight from Phuket to Delhi being diverted due to a bomb threat. Incidents like these, combined with the ongoing geopolitical tensions, create a ripple effect across the global travel ecosystem,' Gosain said.'If instability around geopolitical tensions persists, the long-term effects on consumer confidence and global mobility could be significant,' he agencies said they are busy fielding queries and rescheduling requests from people scheduled to travel in the coming few days, with many also raising concerns about the safety of Boeing aircraft following media reports.'Customers are asking for model numbers and aircraft details of flights following Thursday's crash. Even we don't have the details at times and have to research on these,' said Kapil Jain, cofounder and CEO of Fly Divine Travels.
