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Market crash unlikely: Limited downside for Sensex from current levels
Bias for Sensex this week to remain positive as long as the index holds above 81,500 levels, suggests technical chart.
Rex Cano Mumbai
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The strong finish by equity markets on Friday shall be tested this week in the aftermath of the US strike on Iran's nuclear facilities. Analysts fear that the Israel-Iran conflict could widen further, with the US direct entry. Crude Oil price movement in the near-term is likely to be closely tracked after Iran's Parliament approved the closure of the Strait of Hormuz port. As per reports, the final decision shall be taken by Iran's Supreme National Security Council. Back home, following the over 1 per cent rally last Friday technical charts of the BSE
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Economic Times
4 minutes ago
- Economic Times
Rupee rises 65 paise to 86.13 against US dollar over hopes of Iran-Israel ceasefire
The rupee rose sharply by 65 paise to 86.13 against the US dollar in early trade on Tuesday as crude oil prices fell following hopes of a ceasefire between Iran and Israel. ADVERTISEMENT A weak greenback and a strong opening in the domestic equity markets further boosted the rupee, according to forex traders. Brent crude, the global oil benchmark, declined 2.73 per cent to USD 69.53 per barrel in futures trade as US President Donald Trump announced that Iran and Israel were close to a ceasefire. At the interbank foreign exchange, the local unit opened at 86.07 against the US dollar before dipping to 86.13, up 65 paise against the greenback from its previous close. The rupee had plunged 23 paise to close at a five-month low of 86.78 against the US dollar on Monday. "Trump said overnight that a ceasefire between Israel and Iran has been done while Iran has not confirmed it as yet. However, the market has taken this into consideration with oil falling below USD 70," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. ADVERTISEMENT "The USDINR gained to almost 86.00 levels and opened at 86.07 after the ceasefire announcement by Trump. The markets now await FED Chief Powell's testimony on Tuesday and Wednesday in which he may indicate about cutting of rates to the Senate and House," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.29 per cent lower at 98.13. ADVERTISEMENT The domestic equity market rebounded from Monday's losses as Sensex jumped 930.7 points to 82,827.49, while Nifty surged 278.95 points to 25,250.85. Foreign institutional investors (FIIs) offloaded equities worth Rs 1,874.38 crore on a net basis on Monday, according to exchange data. (You can now subscribe to our ETMarkets WhatsApp channel)


Indian Express
7 minutes ago
- Indian Express
Sensex, Nifty rally over 1% each after Trump announces Israel-Iran ceasefire
Domestic equities opened on a strong note on Tuesday, mirroring gains in Asian peers, as investors' risk appetite increased after US President Donald Trump announced that Israel and Iran have agreed to a ceasefire. The BSE's Sensex rallied 1.04 per cent, or 851.66 points, to 82,748.45, while the Nifty gained 1.03 per cent, or 256.15 points, to 25,228.05, in early morning trades. Among Asian indices, South Korea's KOSPI advanced 2.08 per cent, Hong Kong's Hang Seng rose 1.94 per cent, Japan's Nikkei climbed 1.07 per cent and China's Shanghai Composite jumped 1 per cent. 'The dramatic developments in West Asia culminating in President Trump's announcement of a ceasefire indicate that the worst of the conflict is over. The sharp reactions in the crude oil and stock markets suggest the geopolitical situation limping back to normalcy,' said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd. The US President said that Israel and Iran have agreed on a complete and total ceasefire. 'On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, 'THE 12 DAY WAR',' Trump wrote on his Truth Social site. 'Markets appear to be shifting towards a bullish bias, supported by a drop in WTI oil futures to $66.50, hinting at potential de-escalation in Middle East tensions,' said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. All broader market indices were trading in green, with Nifty Midcap 100 rising 0.71 per cent and Nifty Smallcap 100 gaining 0.67 per cent. Among sectoral indices, Nifty Auto was up 1.37 per cent and Nifty Oil & Gas rose 0.87 per cent. The NSE companies that gained the most in morning trades include Adani Ports (3.61 per cent), Shriram Finance (2.77 per cent), Mahindra & Mahindra (2.3 per cent), Ultratech Cement (2.19 per cent) and JIO Financial Services (2 per cent). Nifty which has been stuck in the 24500-25000 range will now decisively break out on the upside. But whether it will sustain at higher levels will depend on developments on the trade front. 'Since the pause on the reciprocal tariff ends on July 9, bilateral trade agreements have to happen before that. Therefore, markets are likely to respond to developments on the trade front,' said Vijayakumar. Investors can focus on reasonably valued domestic cyclicals like financials, aviation, telecom and capital goods where safety is higher, he added.


Time of India
7 minutes ago
- Time of India
Morning news wrap: Trump announces end of Israel-Iran conflict; Axiom mission scheduled to launch on June 25; & more
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