Stock market today: Nifty50, BSE Sensex crash in pre-open trade on Middle East tensions
Stock market today: Nifty50 and BSE Sensex crashed in pre-open trade on Monday amidst rising Middle East tensions and global market turmoil, with impact on crude oil prices and trade in focus. Analysts warn that sectors sensitive to crude prices such as oil marketing companies, paints, tyres, aviation and chemicals could face pressure on margins due to rising input costs. In contrast, upstream oil producers including ONGC and Oil India may gain from improved realisations, while defence stocks such as HAL and BEL could witness positive sentiment.Asian markets also came under strain, falling 1.1 per cent, while equity index futures for the US and Europe dropped as tensions intensified after the US-Israeli military action against Iran. Brent crude briefly surged as much as 13 per cent before trimming gains, as turmoil in the global oil market intensified amid the effective closure of the Strait of Hormuz.Crude prices extended gains on Monday, rising more than 8 per cent to multi-month highs as Iran and Israel increased attacks in the region, damaging tankers and disrupting supplies from a key oil-producing corridor.Gold climbed up to 2 per cent after the United States and Israel carried out major strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, heightening geopolitical tensions and amplifying global economic uncertainty.Foreign portfolio investors were net sellers of Indian equities worth Rs 7,536 crore on Friday. Domestic institutional investors offset part of the outflows, purchasing shares worth Rs 12,293 crore on a net basis.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
