Stock Market Updates: Sensex Tanks Over 700 Points, Nifty Below 24,950 Mark In Pre-Open

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Indian benchmark indices Sensex and Nifty are expected to open on a cautious note today
Sensex Today: Indian benchmark indices Sensex and Nifty are expected to open on a cautious note today, as a sharp rise in crude oil prices and escalating geopolitical tensions weigh on investor sentiment. The situation intensified after the United States directly entered the Israel-Iran conflict with strikes on Iranian nuclear facilities, sparking fears of a broader regional war and unsettling global markets.
Adding to the pressure, mixed global cues and institutional fund flows are likely to influence market direction in today's session.
As of 8:20 AM, GIFT Nifty futures were trading 112 points lower at 25,111, indicating a gap-down start for domestic equities.
Global Cues
Asia-Pacific markets tumbled on Monday following the US airstrikes on three Iranian nuclear sites, which raised the spectre of a wider conflict in the Middle East and drove oil prices higher.
Brent crude rose 2.62% to $79.06 per barrel, while West Texas Intermediate (WTI) gained 2.75% to $75.89 per barrel. Oil prices have been on an upward trend in recent weeks due to rising geopolitical instability in the region.
Gold also surged amid the uncertainty, jumping 2.95% to $3,379.60 per ounce as investors flocked to safe-haven assets.
In equities, Japan's Nikkei dropped 0.74%, while the broader Topix fell 0.64%. South Korea's Kospi lost 1.22%, and Australia's ASX 200 declined 0.76%.
US stock futures retreated during early Asian trading hours. Dow Jones futures were down 0.3%, while S&P 500 and Nasdaq 100 futures slipped 0.3% and 0.4%, respectively.
On Wall Street last Friday, two of the three major indices closed in the red. The S&P 500 shed 0.22%, marking its third consecutive loss, and the Nasdaq Composite dropped 0.51%. The Dow Jones Industrial Average, however, inched up by 0.08%.
About the Author
Aparna Deb
Stay updated with all the latest news on the Stock Market, including market trends, Sensex and Nifty updates, top gainers and losers, and expert analysis. Get real-time insights, financial reports, and investment strategies—only on News18.
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Speaking in Istanbul, Iran's Foreign Minister Abbas Araqchi said Tehran was weighing its options for retaliation and would consider diplomacy only after carrying out its response. Investors said they expected US involvement would cause a stock market selloff and a possible bid for the dollar and other safe-haven assets when major markets reopen, but also said much uncertainty remained. "I think the markets are going to be initially alarmed, and I think oil will open higher," said Mark Spindel, chief investment officer at Potomac River Capital. "We don't have any damage assessment and that will take some time. Even though (Trump) has described this as 'done', we're engaged," Spindel said. "I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed. It's going to raise uncertainty and volatility, particularly in oil," he added. One indicator of how markets will react in the coming week was the price of ether, the second-largest cryptocurrency and a gauge of retail investor sentiment. Ether was down 8.5 per cent on Sunday, taking losses since the first Israeli strikes on Iran on June 13 to 13 per cent. Most Gulf stock markets, however, seemed unconcerned by the early morning attacks, with the main indexes in Qatar, Saudi Arabia and Kuwait up slightly or flat. Israel's Tel Aviv main index was at an all-time high. Oil prices, inflation A key concern for markets centers around the potential impact of Middle East developments on oil prices and thus on inflation. Rising inflation could dampen consumer confidence and lessen the chance of near-term interest rate cuts. Saul Kavonic, a senior energy analyst at equity research firm MST Marquee in Sydney, said Iran could respond by targeting American interests in the Middle East, including Gulf oil infrastructure in places such as Iraq or harassing ship passages through the Strait of Hormuz. The Strait of Hormuz lies between Oman and Iran and is the primary export route for oil producers such as Saudi Arabia, the United Arab Emirates, Iraq and Kuwait. "Much depends on how Iran responds in the coming hours and days, but this could set us on a path towards $100 oil if Iran respond as they have previously threatened to," Kavonic said. While global benchmark Brent crude futures have risen as much as 18 per cent since June 10, hitting a near five-month high of $79.04 on Thursday, the S&P 500 has been little changed, following an initial drop when Israel launched its attacks on Iran on June 13. 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On average, the S&P 500 slipped 0.3 per cent in the three weeks following the start of conflict, but was 2.3 per cent higher on average two months following the conflict, according to data from Wedbush Securities and CapIQ Pro. Dollar woes An escalation in the conflict could have mixed implications for the US dollar, which has tumbled this year amid worries over diminished US exceptionalism. In the event of US direct engagement in the Iran-Israel war, the dollar could initially benefit from a safety bid, analysts said. "Do we see a flight to safety? That would signal yields going lower and the dollar getting stronger," said Steve Sosnick, chief market strategist at IBKR in Greenwich, Connecticut. "It's hard to imagine stocks not reacting negatively and the question is how much." 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