Indian shares set for muted start to week as Middle East conflict dents sentiment
June 16 (Reuters) - India's equity benchmarks are set to open little changed on Monday after two straight sessions of losses, as the conflict between Israel and Iran showed no signs of cooling, denting risk sentiment.
The Gift Nifty futures were trading at 24,791 as of 7:32 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near Friday's close of 24,718.6.
Both the benchmarks posted weekly losses on Friday as Israel's military strikes on Iran escalated tensions in the Middle East.
Over the weekend, Israel and Iran launched fresh attacks, killing and wounding civilians and raising concerns of a broader regional conflict.
Other Asian markets opened on a subdued note, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS), opens new tab losing 0.2%, while oil prices advanced on supply concerns due to geopolitical tensions in the oil-rich Middle East region.
A rise in oil prices is negative for importers of the commodity such as India, as crude constitutes a significant share of the country's import bill.
Foreign institutional investors (FII) remained net sellers of Indian stocks for a third straight session on Friday, taking their net outflows in June to 54.02 billion rupees ($627.55 million) so far.
Domestic institutional investors (DII) remained net buyers of Indian stocks for the 19th straight session on Friday.
** Sun Pharma's (SUN.NS), opens new tab Halol manufacturing facility in Gujarat gets eight observations from U.S. drug regulator after recent inspection
** Syngene (SYNN.NS), opens new tab gets establishment inspection report from U.S. FDA
** Oil upstream companies such as ONGC (ONGC.NS), opens new tab and Oil India (OILI.NS), opens new tab could rise on uptick in crude oil prices
($1 = 86.0810 Indian rupees)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
32 minutes ago
- The Independent
India and Cyprus to step up defense, maritime and cybersecurity cooperation, Indian PM says
India will step up its defense ties with Cyprus through collaboration between the two countries' respective defense industries, the Indian prime minister said Monday. Prime Minister Narendra Modi didn't offer details, but he said talks would begin on boosting bilateral maritime and cybersecurity cooperation. He said after talks with Cypriot President Nikos Christodoulides that the two countries would also set up an information exchange mechanism geared toward combatting the threat of terrorism. Modi's two-day visit to Cyprus, ahead of his trip to Canada for the G7 summit, is the first by an Indian prime minister in more than two decades. In a joint declaration, the two countries also pledged to expand maritime cooperation through more frequent Indian navy calls to Cypriot ports and looking at enhancing joint maritime training and search and rescue operations. Modi underscored the role of the envisioned India-Middle East-Europe Economic Corridor (IMEC) as a means to usher peace and prosperity in the Middle East. Cyprus figures to act as the linchpin between India, the Middle East and Europe in the trade, energy and digital connectivity corridor, given the island nation's geographical location as the nearest European Union country to the Middle East and India. Christodoulides said Cyprus was India's 'gateway into Europe' as a base for Indian businesses. He pledged to help implement initiatives such as IMEC that will connect India through specific infrastructure works with the Gulf, the Mediterranean and the European continent. The Cypriot president said India-EU ties and an upgraded free trade agreement would be among his country's top priorities when Cyprus assumes the 27-member bloc's rotating presidency in the first half of 2026. The Indian prime minister hailed the visit as a harbinger of a new era of India-Cyprus relations built on shared values and deep historic ties that 'have been tested time and again.' Former British colonies Cyprus and India were among members of the Non-Aligned Movement, a collection of nations which opted out of the Cold War choice of allegiance to either the West or the Communist bloc.
Reuters
an hour ago
- Reuters
TSX futures rebound as focus shifts to G7, US Fed meeting
June 16 (Reuters) - Futures linked to Canada's main stock index recovered from the declines of the previous session on Monday, with investors shifting focus from the Middle-East tensions to this week's G7 summit and U.S. Federal Reserve policy meeting. June futures on the S&P/TSX index were up 0.4% at 06:44 a.m. ET (1044 GMT). The Middle-East escalation coincided with the Group of Seven leaders from Britain, Canada, France, Germany, Italy, Japan and the U.S., along with the European Union, gathering in Canada, where U.S. President Donald Trump's tariffs have already strained ties. Monday's discussions will center on advancing trade deals, with investors closely watching prospects of Canada moving closer to a trade agreement with the U.S. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab pulled back from recent highs on Friday, weighed down by fears of wider conflict after Israeli attacks and Iranian retaliation shook global markets. Still, the benchmark index posted weekly gains, buoyed by rising commodity prices, lower-than-expected U.S. inflation data and optimism around the U.S.-China trade deal. This week's Fed monetary policy decision presents the next major challenge for the markets. While the U.S. central bank is widely expected to keep interest rates unchanged on Wednesday, investors will watch for hints about potential rate cuts in coming months. Oil prices , eased after surging 7% on Friday, as weekend military strikes between Israel and Iran left production and export facilities unaffected. Gold prices also declined, while copper edged higher, supported by better-than-expected Chinese retail sales data. Company-wise, France-based aerospace firm Safran ( opens new tab and Canadian jet-maker Bombardier ( opens new tab announced a defense technology innovation partnership on Monday. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory
The Independent
an hour ago
- The Independent
Juneteenth celebrations adapt after corporate sponsors pull support
Juneteenth celebrations have been scaled back this year due to funding shortfalls as companies and municipalities across the country reconsider their support for diversity, equity and inclusion initiatives. Canceled federal grants and businesses moving away from so-called brand activism have hit the bottom line of parades and other events heading into Thursday's federal holiday, which celebrates the end of slavery in the United States. The shrinking financial support coincides with many companies severing ties with LGBTQ celebrations for Pride this year and President Donald Trump's efforts to squash DEI programs throughout the federal government. In Denver, for example, more than a dozen companies backed out of supporting the Juneteenth Music Festival, which is one of the city's biggest celebrations of the holiday, according to Norman Harris, executive director of JMF Corporation, which puts on the event. 'There were quite a few sponsors who pulled back their investments or let us know they couldn't or wouldn't be in a position to support this year," said Harris, who has overseen the event for more than a decade. The festival, which takes place in the historically Black Five Points neighborhood, has been scaled back to one day instead of two because of the budget shortfall. It has only been able to stay afloat thanks to donations from individuals and foundations. 'Thankfully, there was a wide range of support that came when we made the announcement that the celebration is in jeopardy,' Harris said. Juneteenth celebrates the day the last enslaved people in Texas were told they were free on June 19, 1865, two years after President Abraham Lincoln's Emancipation Proclamation. The day has been celebrated by Black Americans for generations, including in Harris' family, but became more widely celebrated after becoming a federal holiday in 2021. After the 2020 murder of George Floyd, many companies pursued efforts to make their branding more inclusive, but it has slowed down over the past few years after some received blowback from conservatives and because many companies didn't see it as an important part of their revenue stream, said Dionne Nickerson, a professor in marketing at Emory University. Some companies can no longer afford to support Juneteenth celebrations because they just don't have the money given the economic uncertainty, according to Sonya Grier, a marketing professor at American University. 'It's a whole confluence of issues,' Grier said. Rollback of local support Many state and local governments hold or help fund celebrations, but some decided not to this year. The governor's office in West Virginia stated that the state won't be hosting any Juneteenth events this year for the first time since 2017 due to a budget deficit. Republican Gov. Patrick Morrisey last month signed a bill to end all diversity programs. 'Due to the continued fiscal challenges facing West Virginia, state government will not be sponsoring any formal activities,' deputy press secretary Drew Galang said in an email. City Council members in Scottsdale, Arizona, dissolved their DEI office in February, which led to the cancellation of the city's annual Juneteenth festival. Event organizers in Colorado Springs, Colorado, had to move locations due to fewer sponsors and cuts in city funding, said Jennifer Smith, a planner for the Southern Colorado Juneteenth Festival. Around five companies sponsored the event this year, compared to dozens in years prior, Smith said. 'They have said their budgets have been cut because of DEI,' and that they can no longer afford it, she said. Some groups have also mentioned safety concerns. Planners in Bend, Oregon, cited 'an increasingly volatile political climate' in a statement about why they canceled this year's celebration. Slashes in federal funding Many local organizations have also had their budgets slashed after the National Endowment for the Arts pulled funding for numerous grants in May. The Cooper Family Foundation throws one of the largest Juneteenth celebrations in San Diego each year. It was one of dozens of groups told by the NEA in May that its $25,000 grant was being rescinded. The email said the event no longer aligned with the agency's priorities, said Maliya Jones, who works for the foundation. The grant money went toward paying for arts and dance performers. The event will still take place this year, but members of the Cooper family will have to divide up covering the costs, said Marla Cooper, who leads the foundation. 'That's $25,000 we have to figure out how we're going to pay for," Cooper said. 'We will always have Juneteenth. And we will work it out,' she said. ___
