Sensex falls over 200 pts, Nifty below 24,900; auto, metal stocks top drags
Indian benchmark equity indices, Sensex and Nifty, opened lower on Tuesday as investors adopt a cautious stance following U.S. President Donald Trump's call to evacuate Tehran amid escalating Israel-Iran tensions.
The BSE Sensex was trading 210 points, or 0.26%, lower at 81,585. The Nifty50 was down 60 points, or 0.24%, trading at 24,884 around 9:30 am.
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Meanwhile, U.S. stock futures declined and oil prices edged higher as the fifth consecutive day of Israel-Iran clashes raised concerns about a broader regional conflict.
Trump reportedly cut short his attendance at the Group of Seven (G7) summit in Canada, citing rising tensions in the Middle East. He also reiterated that Iran should have agreed to a nuclear deal with the United States.
From the Sensex pack, Tata Motors, IndusInd Bank, Sun Pharma, Titan, Bajaj Finance, and UltraTech Cement were the top losers, declining between 1% and 1.3%. In contrast, Axis Bank, Kotak Mahindra Bank, NTPC, Adani Ports, and ICICI Bank opened with gains.
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On the sectoral front, Nifty Auto, FMCG, Metal, Pharma, PSU Bank, Consumer Durables, and Oil & Gas indices slipped up to 0.6% in early trade. Meanwhile, Nifty Realty rose 1%, driven by Godrej Properties after the company announced the acquisition of a 16-acre land parcel in Upper Kharadi, Pune, with an estimated revenue potential of Rs 3,100 crore.
Among individual stocks, Tanla Platforms jumped nearly 8% after the company approved a share buyback of up to Rs 175 crore at Rs 875 per share via the tender route.
Experts View
"Despite the escalation of the Iran-Israel conflict globally, stock markets are steady and resilient. The decline in the US volatility index CBOE suggests that markets are unlikely to correct sharply unless the conflict takes a dramatic turn for the worse," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
"The main contributor to the market resilience is the retail investors using every dip in the market as a buying opportunity. During the last 4 trading days after the conflict started FIIs sold stocks for Rs 8080 crores. This FII selling has been completely eclipsed by DII buying of Rs 19800 crores. Sustained retail funds flows, mainly through SIPs, are empowering the DIIs to buy consistently," Vijayakumar added.
Devarsh Vakil, Head of Prime Research at HDFC Securities, said, "Support for the Nifty has shifted up near 24700. The upside, represented by the swing high of 25222, could offer near-term resistance in the Nifty."
Global Markets
U.S. stock futures slipped and oil prices rose on Tuesday, as investors were rattled by U.S. President Donald Trump's call for everyone to evacuate Tehran, with the fifth-day of Israel-Iran fighting sowing fears of a broader regional conflict.
The latest developments sparked a wave of risk-off moves in early Asian trading. S&P 500 futures fell 0.46%, while European futures slumped 0.69%.
Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan was a tad higher, while futures tracking Hong Kong's Hang Seng index were also marginally higher. Japan's Nikkei edged up 0.5%, while the yen was slightly weaker at 144.96 per dollar.
FII/DII Tracker
Foreign Institutional Investors (FIIs) continued their selling streak for the fourth consecutive session, offloading equities worth Rs 2,539 crore on June 16. In contrast, Domestic Institutional Investors (DIIs) extended their buying activity, purchasing equities worth Rs 5,780 crore on the same day.
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