Amid global cues, the domestic stock market started its trading session with a heavy fall on Monday. Shortly after opening at 9:18 am, the BSE Sensex was seen trading at 72,935.03—a massive fall of 384.52 points at one point. Also, NSE Nifty was also seen trading at the level of 22,596.90, registering a decline of 116.20 points. Markets around the world have been affected after Donald Trump’s latest threat regarding Iran.
Shares with biggest rise and fall on Nifty
The biggest gainers on Nifty included Trent, Wipro, Power Grid Corp, Tech Mahindra and Infosys; Whereas the stocks that recorded the biggest decline included InterGlobe Aviation, Kotak Mahindra Bank, Sun Pharma, Tata Steel and Bajaj Finance.
The increasing tension regarding the Strait of Hormuz is directly affecting the prices of crude oil. Brent crude has jumped nearly 10% in just two days to cross the $110 level. For the first time since 2009, WTI crude has also overtaken Brent prices. This surge is a big negative sign for both inflation and market sentiment.
Trump’s ultimatum: World’s eyes on press conference
The 48-hour deadline given to Iran is ending today. Trump has clearly said that if the Strait of Hormuz is not reopened, Iran’s power plants and bridges will be targeted. The whole world will be watching his press conference to be held at 11:30 pm tonight. Meanwhile, Iran has rejected this ultimatum, due to which the tension has increased further.
weak global signal; Pressure on GIFT Nifty
Weak signals are also coming from global markets. GIFT Nifty is trading around 22,700 levels down around 65 points, while Dow Futures are also down 125 points. Pressure is also expected to be seen in Asian markets.
38th day of war continues; attack on nuclear plant
The ongoing conflict between America, Israel and Iran continues without any interruption for the 38th consecutive day. Iran’s Bushehr nuclear plant has been attacked for the fourth time, further increasing geopolitical risks.
Impact of US Tariff: Relief to Pharma, Pressure on Metals
US has announced 100% tariffs on patented drugs; However, Indian generic and biosimilar companies have been given a one-year exemption. In contrast, 50% tariffs on steel, aluminum and copper are still in place, which is likely to keep the metals sector under pressure.
Fall in gold, silver and base metals
A huge fall was seen in precious metals. Silver fell by ₹11,000 to close below ₹2.32 lakh, while gold fell by ₹4,000 to close below ₹1.49 lakh. Selling pressure was also seen in copper, aluminum and zinc.