Nifty down 177 pts, Sensex lost 700 pts in opening amid US-Iran conflict, Crude prices surged above 79 USD/barrel
Mumbai (Maharashtra) [India], June 23 (ANI): Indian stock markets opened on a weak note on Monday, reacting sharply to rising geopolitical tensions after the US-Iran conflict escalated over the weekend. Both benchmark indices faced strong selling pressure in the early trading session.
The Nifty 50 index opened at 24,939.75, falling by 172.65 points or 0.69 per cent, while the BSE Sensex began the day at 81,704.07, down by 704.10 points or 0.85 per cent.
Experts highlighted that geopolitical conflicts often turn out to be good buying opportunities in the longer term.
Ajay Bagga, Banking and market expert, told ANI, 'Investors should remind themselves that geopolitical conflicts historically represent good buying opportunities. And so it will be for this Middle East conflict. It is not WWIII, no one wants that. Cash has good optionality in this situation, and it is good to keep some cash ready to deploy systematically if markets react downwards'.
In the commodity market, Brent crude oil prices surged over 1.4 per cent in the opening session, reaching USD 78.38 per barrel. The spike came amid fears that the conflict could disrupt oil supply through the Strait of Hormuz, a key route for global oil transport.
Union Minister Hardeep Singh Puri in conversation with ANI stated there was no immediate threat to India's oil supply.
Puri sadi 'We had diversified the sources of supply. Out of the 5.5 million barrels of crude oil that India consumes daily, about 1.5-2 million come through the Straits of Hormuz. We import roughly 4 million barrels through other routes. Our oil marketing companies have enough stocks. Most of them have stocks up to three weeks. One of them has 25 days' stock. We can increase the supply of crude through other routes'.
Meanwhile, broader market indices on the NSE also witnessed declines in Monday's opening. The Nifty Smallcap 100 fell 0.73 per cent, the Nifty Midcap 100 declined 0.67 per cent, and the Nifty 100 lost 0.7 per cent. All sectoral indices on the NSE were trading in red, with Nifty IT and Nifty PSU Bank facing the highest selling pressure.
Globally, the markets are under pressure after US President Donald Trump announced on Saturday that the US had launched airstrikes on three of Iran's nuclear sites--Fordow, Natanz, and Esfahan. A 'full payload of bombs' was dropped on Fordow, Trump said.
In other Asian markets, the mood was broadly negative. Taiwan's weighted index was down over 1 per cent, South Korea's KOSPI dropped 0.8 per cent, and Japan's Nikkei 225 fell by 0.41 per cent. Only Hong Kong's Hang Seng index bucked the trend.
Market sentiment remained tense, with analysts warning of possible asymmetric retaliation by Iran. While the US dollar edged up, cryptocurrencies and gold remained largely flat. Markets remain volatile as missile attacks continue, and oil remains jittery with 24 per cent of supply routes under threat. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
an hour ago
- Globe and Mail
Stock Market News for Jun 23, 2025
U.S. stocks ended mostly lower on Friday as investors assessed the ongoing conflict in the Middle East between Israel and Iran, with the United States considering whether to get involved. However, the Dow ended in positive territory. How Did The Benchmarks Perform? The Dow Jones Industrial Average (DJI) rose 0.1% or 35.16 points, to finish at 42,206.82 points. The S&P 500 declined 0.2% or 13.03 points to end at 5,967.84 points, to record its third straight day of losses. Materials and tech stocks were the worst performers, while consumer staples and energy stocks were the biggest gainers. The Materials Select Sector SPDR (XLB) lost 0.7%, while the Technology Select Sector SPDR (XLK) fell 0.4%. The Energy Select Sector SPDR (XLE) gained 1%, while the Consumer Staples Select Sector SPDR (XLP) added 0.7%. Six of the 11 sectors of the benchmark index ended in positive territory. The tech-heavy Nasdaq slid 0.5%, or 98.86 points, to close at 19,447.41 points. The fear-gauge CBOE Volatility Index (VIX) was down 6.99% to 20.62. Decliners outnumbered advancers on the NYSE by a 1.1-to-1 ratio. On Nasdaq, a 1.4-to-1 ratio favored declining issues. A total of 20.91 billion shares were traded on Friday, higher than the last 20-session average of 18.06 billion. Investors Monitor Middle East Crisis The Middle East crisis remained in focus on Friday as tensions escalated between Iran and Israel, with the United States contemplating whether to join. President Donald Trump weighed whether to get directly involved in the conflict and strike Iran. Trump had earlier called for the 'complete surrender' from Iran, but Iran's supreme leader, Ayatollah Ali Khamenei, said it was 'threatening and ridiculous.' Israel has been targeting Iran's nuclear facilities and a week into the attack, they claim to have hit multiple military targets. Chip Stocks Take a Hit Semiconductor stocks took a hit on Friday following a report that the United States might revoke waivers for some chipmakers. Shares of NVIDIA Corporation NVDA ended 1.1% lower. Also, shares of Taiwan Semiconductor Manufacturing Company Limited TSM declined 1.9%. NVIDIA has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Hopes About Rate Cuts Rise The S&P 500 started the day on a high after Federal Reserve Governor Christopher Waller said in an interview that the central bank could start its rate cuts as early as July. Waller's remarks came after Federal Reserve Chairman Jerome Powell earlier said that central bank was in no hurry to cut interest rates and would like to see how Trump's tariffs will impact the economy. Trump has been extremely critical of Powell and slammed him once again on Thursday saying that a delay in rate cut is costing the U.S. economy 'hundreds of billions of dollars.' No major economic data was released on Friday. Weekly Roundup For the week, the Dow ended 0.02% higher. The Nasdaq ended up 0.2% higher while the S&P 500 lost 0.2% for the week. Zacks' Research Chief Names "Stock Most Likely to Double" Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest. This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%. Free: See Our Top Stock And 4 Runners Up NVIDIA Corporation (NVDA): Free Stock Analysis Report
Globe and Mail
3 hours ago
- Globe and Mail
The situation in the Middle East carries huge risks – but also opportunities for aggressive investors
The American attack on Iran's nuclear facilities sites has set the world on a knife's edge. Where do we go from here? In a toughly worded address to the nation on Saturday night, President Donald Trump made it clear that more attacks will come if Iran retaliates. He said the theocracy has only two choices: peace or tragedy. The U.S. delivered what could be a knockout blow to Iran's nuclear ambitions by using bunker buster bombs against the country's three main enrichment facility, including the Fordo complex which is buried beneath a mountain. As of the time of writing the extent of the damage had not been verified but the President said the sites had been 'obliterated'. If so, that's a big win from a U.S.-Israeli perspective. But it comes with huge risks. Worst case, the action could spiral into World War III if Russia or China decide to come to Iran's aid. But that seems highly unlikely, despite warnings from the Kremlin not to target Iran's supreme leader. No one likes the Ayatollahs very much and Israeli attacks have exposed Iran's military weaknesses. Risking a global war in this context isn't in the interests of either Moscow or Beijing. Still, there are many potential problems if Iran decides to strike back and still has the means to do so. It could attempt to close the Strait of Hormuz, the gateway to the oil exporting ports of the Persian Gulf, thus driving oil prices sharply higher. It could fire on U.S. military bases in the region. Iran's Houthi allies in Yemen could resume their attacks on shipping in the Red Sea. President Trump says he'd prefer peace talks, but he's ordered more naval forces to the region, including another carrier group, just in case. All this leaves investors wondering what to do. The situation is fluid and potentially toxic. As I see it, there are two courses of action. This is basically a hunker down approach. Limit risk to the extent possible and allow events to play themselves out. Strategies should include the following. Own gold. I'm sounding like a broken record on this, but gold keeps touching new all-time highs for a reason. It's the ultimate safe haven in times of turbulence, and this is about as turbulent as it gets, short of all-out world war. The TSX Global Gold Index is up almost 50 per cent so far this year. Agnico Eagle Mines Ltd. (AEM-T, a recommendation of my Internet Wealth Builder newsletter, is ahead 47.9 per cent. Another pick, SPDR Gold Shares (GLD-A), the world's largest physically backed gold ETF, is ahead about 30 per cent this year. Raise cash. Cash is king – again. Interest rates are relatively low, but if you shop around, you'll find that small financial institutions are paying up to 3.5 per cent on savings accounts. That's a decent return for parking some money for a while. Check for the latest rates. Invest in dividend stocks. Low-risk dividend-paying stocks should hold their value unless the market totally collapses. I don't expect that to happen. The iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV-T) is ahead 11.1 per cent since its low for the year in April. Stay calm. The next couple of weeks could be disquieting. Assuming you have a good investment plan, stay with it. Look for opportunities. Depending how things develop, we could see major moves in key industries and in commodities. Active traders may wish to take advantage of them. Energy stocks could jump. It's expected that oil and natural gas prices will rise, at least in the short term. Analysts were forecasting an increase of us$3-$5 per barrel of oil when trading opens this week. How long that will last will depend on Iran's response to the U.S.-Israeli attacks. If it decides to try to close the Strait of Hormuz and/or attack energy facilities in neighbouring countries like Saudi Arabia, we could see oil prices quickly rise to over US$100 a barrel. Energy giants like Canadian Natural Resources Ltd. (CNQ-T) should benefit. Defence stocks look strong. The shares of companies that manufacture tanks, rockets, guns, bombs, planes, and other warfare equipment were already on the rise prior to the latest developments in the Middle East. This week's NATO meetings, which will include a focus on raising defence spending, will also boost interest in the sector. RTX Corp. (RTX-N), formerly known as Raytheon, is one of the largest aerospace and defence companies in the world. We recommended it in June 2022. The stock is up 44 per cent in the past year, and still climbing. For those who prefer the diversification of ETFs, the Invesco Aerospace and Defense ETF (PPA-A) has gained 19.8 per cent since touching its low for the year in April. The iShares U.S. Aerospace and Defense ETF (ITA-A) gained 26 per cent in the same period. Obviously, profiting from war is anathema to many people. If you're among them, just concentrate on protecting the value of your portfolio as best you can and hope the situation in the Middle East doesn't spiral out of control. Gordon Pape is editor and publisher of the Internet Wealth Builder and Income Investor newsletters. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.
Canada News.Net
4 hours ago
- Canada News.Net
"This is an escalation": Foreign Affairs Expert Robinder Sachdev after US strikes on Iran's nuclear facilities
New Delhi [India], June 22 (ANI): Foreign Affairs Expert Robinder Sachdev on Sunday described the US strikes on three Iranian nuclear facilities as an escalation to the week old Israel-Iran conflict, warning that the situation is likely to deteriorate further. His comments come in the wake of recent US airstrikes targeting three key Iranian nuclear facilities, including Fordow, Iran's main enrichment location for uranium enrichment to 60 per cent. 'This is an escalation, and it seems there will be no end; the situation will worsen, go up and down. It seems that the region of the Middle East will now be plunged into Forever Wars... Iran will fight back with whatever resources it has. It will retaliate. However, it doesn't have much capacity, but it will still attempt to do its best,' he told ANI. Sachdev said that US President Donald Trump's claim of eliminating the entire nuclear programme of Iran is 'wrong'. 'Donald Trump is correct in saying that tonight's attack was a spectacular attack by the American Armed forces, but he is wrong in saying that this attack has eliminated the entire nuclear programme of Iran; it has not...... The Iranians have already trandffered Uranium though it is not weapon grade but whatever enriched uranium they had, it seems they have distributed and hidden in some other locations but yes, a major blow to Iran's nuclear programme has been delivered but it does not mean that the entire nuclear programme of Iran has been obliterated,' he added. He further said that Iran's attempt to close the Strait of Hormuz could lead India to suffer, as according to him, about 20 per cent of the world's crude oil and 25 per cent of the world's natural gas flow through one of the world's most important oil chokepoints located between Oman and Iran, connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea. '...If Iran closes the Strait of Hormuz, India will definitely suffer. About 20 per cent of the world's crude oil and 25 per cent of the world's natural gas flow through these. Qatar's gas, which we buy, almost all flows through this. 70 per cent of Saudi oil comes through the Strait of Hormuz,' Sachdev said. 'India will suffer because oil prices will go up, inflation will rise, and there is an estimate that for every ten-dollar increase in the price of crude oil, India's GDP will suffer by 0.5 per cent,' the Foreign affairs expert added. After Northrop Grumman-made B-2 Spirit bombers struck nuclear facilities in Natanz, Isfahan and Fordow, Trump, in his first public remarks, warned that he could order further action if Tehran does not agree to a satisfactory peace agreement. In his address to the nation from the White House on Saturday (local time), Trump said, 'There will be either peace or there will be tragedy for Iran, far greater than we've witnessed over the last eight days.' In a Truth Social post, Trump said, 'This cannot continue. There will be either peace or there will be a tragedy for Iran far greater than we have witnessed over the last eight days. Remember, there are many targets left. Tonight's was the most difficult of them all, by far, and perhaps the most lethal. But if peace does not come quickly, we will go after those other targets with precision, speed and skill.' Trump also thanked Israeli Prime Minister Benjamin Netanyahu and said, 'I want to thank Prime Minister Bibi Netanyahu. We worked as a team like perhaps no team has ever worked before, and we've gone a long way to erasing this horrible threat to Israel.' (ANI)
