Indian stocks recover from heavy losses as Israel-Iran conflict continues; Sensex closes 511 points down
New Delhi [India], June 23 (ANI): Indian stock market declined on Monday as did most other Asian indices, amid geopolitical tensions stemming from an escalation in the Israel-Iran conflict.
Sensex closed at 81,896.79 points, down 511.38 points, or 0.62 per cent, while Nifty closed at 24,971.90 points or 140.50 points or 0.56 per cent. At one point, Sensex was about 1,000 points down but recovered later.
Among the sectoral indices, Nifty auto, FMCG, IT slumped sharply, while Nifty consumer durables, metal, media soared, NSE data showed.
Markets remain volatile as missile attacks continue, and oil remains jittery with a sizable portion of supply routes under threat.
International crude oil prices have shot over the few days, reacting to the fresh geopolitical tensions.
Over the years, India has diversified its energy supplies, and a large volume of these do not come through the Strait of Hormuz now.
Oil Marketing Companies have supplies for several weeks and continue to receive energy supplies from several routes. Petroleum Minister Hardeep Puri vowed his ministry will take all necessary steps to ensure the stability of fuel supplies.
Riya Singh - Research Analyst, Commodities and Currency, Emkay Global Financial Services, said: 'Crude oil prices saw a sharp spike following US airstrikes on Iran's nuclear facilities at Fordow, Natanz, and Isfahan, with Brent crude briefly surging 5.7 per cent to USD 81.40 a barrel amid fears of a broader conflict, before retreating to around USD 78 as physical oil flows remained undisturbed.'
'The initial rally reflected heightened anxiety over potential supply disruptions, particularly through the Strait of Hormuz, an artery for nearly 20-25 per cent of global crude and LNG flows, but with the passage still open and no immediate Iranian retaliation, markets trimmed risk premiums.'
Manoranjan Sharma, Chief Economist, Infomerics Ratings, said: 'Iran has threatened to close the Strait of Hormuz. This will have severe implications for India, because, as most of us are aware, that 20 per cent of world's oil passes through this narrow route, and 60 per cent of the oil which we consume in India passes through this route. So this will have very severe implications for India. Apart from this, any uptick in oil will have bad implications, both for economic growth and the inflationary spiral.'
'We have done some exercise in this area, and we find that every USD 10 increase in the price of oil reduces India's GDP growth by about 0.3 per cent and pushes up inflation by 0.4 per cent. This will also have a bad influence on the value of rupee, which can fall further from the present level of roughly around 85 rupees to the US dollar,' Sharma added.
However, Nirav Vakharia, a market expert, said that even if Iran decides to close the Strait of Hormuz, it will not have much impact on India.
'If Iran decides to close the Strait of Hormuz, it will not have much impact on India as India imports very minimum from Iran...India has multiple resources of oil supply including UAE, Qatar, Russia, the US,' Vakharia added. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
19 minutes ago
- Time of India
Army deploys drones to make rapid advances
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Army has started placing orders with Indian companies for a range of drones, loitering munitions and counter-drone systems as part of emergency procurements , cleared by the Rajnath Singh-led defence ministry, to boost operational some contracts have been inked to boost counterinsurgency capabilities, a much larger number is expected to be inked in the coming weeks as the ministry has given sweeping powers to the armed forces to quickly identify and purchase cutting-edge systems developed by the industry, besides replenishing ammunition and long-range, standoff of the systems purchased is Nagastra 1R advanced loitering system that can take down infiltrators and target enemy positions at shallow depths on the Line of Control. The Army has placed an order for 450 of the munitions with Solar Industries , valued at ₹158 crore. The cost-effective systems are already in use by the Army and the fresh batch has to be delivered within 12 order has been placed with ideaForge Secures for hybrid Mini UAVs, which have already been battle-tested and inducted into the Army's inventory for ISR (Intelligence, Surveillance, and Reconnaissance) operations. This is a fixed-wing VTOL (Vertical Take-Off and Landing) company said it went through a "rare and rigorous validation process" before the selection that included two independent high-power technical committees that verified the integrity and origin of Mini UAV's critical evaluation was carried out as the forces do not want any critical parts of the system to be of Chinese reported, the armed forces are focusing on long-range weapons , jammers, air defence systems and indigenous solutions for the 'new normal' approach against forces have drawn up a roadmap to award contracts worth thousands of crores, a large chunk of which is set to go to the private sector. Weapons worth ₹44,000 crore are likely to be ordered in the coming days, including ammunition for prolonged conflict. A special focus is on 'long range vectors', weapons that can be used from a standoff distance to strike deep into enemy forces are also looking to acquire jammers and low-level transportable radars in higher numbers in the coming months as they proved effective in thwarting large-scale drones attacks during Op armed forces are also likely to go in for a range of air defence capabilities to further strengthen the network that kept the Pakistani missile and drone barrage in check.
Time of India
19 minutes ago
- Time of India
US immigration rules are blocking Indian talent, say tech leaders
Hyderabad: As the global tech race accelerates, US companies say they are losing their edge—not because of a talent shortage, but because of immigration roadblocks. A growing number of American tech executives warn that restrictive immigration policies are shutting out high-skilled Indian professionals, especially in fast-moving sectors like AI, software development, and semiconductor engineering. The result, they say, is a bottleneck that's strangling innovation and weakening the country's competitive edge. In a recent survey by US-based legal firm Manifest Law, over 500 senior leaders in the tech industry pointed to a range of immigration challenges—from capped visa quotas and intensified scrutiny to surging govt fees and falling H-1B registrations. A striking 78% of respondents said that current immigration restrictions are affecting their ability to hire global talent, with Indian professionals being the most affected. 'The roles most impacted are STEM-related—software engineers, AI professionals, hardware specialists, and even startup founders,' said Nicole Gunara, principal immigration lawyer at Manifest Law. 'These aren't just workers. They are innovators. And companies are struggling to get them through the door,' he explained. The rising cost of hiring international talent emerged as a key obstacle. The US Citizenship and Immigration Services (USCIS) recently implemented a 70% hike in the base H-1B petition fee for large employers, and the initial registration fee for the H-1B visa lottery skyrocketed from $10 to $215 for fiscal year 2025. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like San Pedro I: Scholarships You Can Apply For (Start Now) College Scholarship | Google Search Search Now Undo Visa delays and escalating legal fees have only added to the burden. Indian professionals, in particular, are bearing the brunt of these changes. From 2022–2023, 72.3% of all H-1B visas were granted to Indian nationals, and nearly half of all science, technology, engineering, and mathematics optional practical training (STEM OPT) applicants in the US were from India, according to Manifest Law. 'Indian nationals fill a massive part of the US STEM talent gap,' Gunara noted. 'The US simply doesn't have the domestic pipeline to keep up. At some point, policymakers will have to recognize that bringing in highly skilled immigrants is the fastest and most effective solution,' he said. The survey revealed significant support for targeted immigration reforms. About 56% of tech leaders support raising the H-1B cap, while the same number back the creation of a new visa specifically for venture-backed startups. Other suggestions include industry-specific visa programmes (62%) and clearer pathways from student visas to green cards (64%). But the consequences of current policies may go beyond the hiring crunch. Orn Bodvarsson, a senior economist and academic, warned that the long-term appeal of the US is eroding for Indian students and professionals alike. 'They are facing fewer opportunities, higher risks, and lower returns on education investments. Over time, that means reduced demand for US university admissions and job offers. The bottom line is short- and long-term Indian immigration will fall,' he cautioned. As the US strives to lead in next-generation technologies, experts say its success may depend not just on funding and infrastructure—but on whether it welcomes the global talent needed to build the future.
Time of India
23 minutes ago
- Time of India
Oberois' global push eyes Saudi, Egypt amid India focus
The Oberoi Group is primed for further growth as its eponymous brand sits at the "centre" of premium travel-the fastest-growing segment in India's hospitality industry, Arjun Oberoi, executive chairman of the luxury hotel chain , told ET. He said the group will enter new markets like Saudi Arabia and Egypt while continuing its sharp focus on the growing domestic market. Also speaking in a joint interview, Vikram Oberoi , group CEO, said the operator of Oberoi and Trident hotels has seen a "strong" uptick in financial performance, driven by a mandate to grow the portfolio with "carefully-curated, brand-aligned" properties, push a high-premium strategy, and deliver "exceptional" service. It was the first media interaction of the two Oberoi scions since the passing of patriarch PRS Oberoi in November 2023 and the formal handover to the third generation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mini House for 60 sqm for Seniors with Toilet and Bath (Click Here) Pre Fabricated Homes | Search Ads Search Now Undo The Oberoi Group delivered one of its strongest performances in the financial year 2025. For the year ended March 2025, EIH Ltd , the group's flagship, posted a 14% rise in net profit at ₹770 crore, while revenue grew 10% to ₹2,880 crore. Vikram Oberoi said guests are becoming more selective and are willing to pay a premium for quality service. Live Events "People are traveling more, both for leisure and business. STR (Smith Travel Research) data shows we have significantly outperformed the market on revenue per available room, with a premium on average room rates and occupancy," he said. Vikram Oberoi expects India's affluence to accelerate. "Twenty years ago, the Indian-to-foreign guest ratio was small. The proportion of our Indian guests has grown exponentially." Having signed 21 new projects in under two years, the chain has launched its most ambitious growth strategy. The pipeline includes 19 hotels, two luxury boats, and a Nile River cruiser. Twelve of these are in India; the rest are in London, Saudi Arabia, Egypt, Bhutan, and Nepal. Sixteen will operate under the Oberoi brand and five under Trident. About half the new projects will be owned, the rest under management contracts. Last November, the group said it will open a hotel in London's Mayfair through an arrangement with British property major Grosvenor and EIH London Investments Ltd. Saudi Arabia is another key focus. "We've announced two hotels there. We're also entering countries we should've been in earlier-Indonesia and Egypt. India will remain our main thrust. It's still the right time to invest here," said Arjun Oberoi. Post-Covid, competition in Indian hospitality has intensified, with IHCL, Marriott, Accor, and Hilton expanding rapidly. Arjun Oberoi explained that the chain is guided by internal benchmarks and won't stretch the brand to risk dilution. "Why are our hotels recognised globally? Not just for the locations-but because we've crafted each one with love, care and thoughtfulness," he said. While the generational transition has worked well, the company has also faced hurdles. The brothers are currently locked in a legal battle over PRS Oberoi's will, challenged by their stepsister Anastasia, who is claiming a share of the family properties. "The matter is sub-judice; we wouldn't like to comment," said Arjun Oberoi. The hospitality chain is also locked in a dispute with the Himachal Pradesh government over The Wildflower Hall in Shimla. More recently, it exited the UAE market, ending its management of The Oberoi Beach Resort, Al Zorah. Going forward, residences are another focus area, particularly where there is a hotel and viable residential opportunity. "Mixed-use developments are increasingly the preferred model, and many partners see this as the best way to monetise assets," said Arjun Oberoi.
