- US-Iran conflict escalated, fueling global market and energy fears.
- Asian equities declined sharply; oil prices surged globally.
- Indian indices ended mixed amid global cues, oil concerns.
The Indian benchmark indices rose higher on Wednesday as the Sensex gained 69 points to settle at 73,987 points and the Nifty fell 25 points to close trade at 23,216 points at 3:30 PM.
In the 30-share BSE Sensex, among the top gainers were stocks like Hindustan Unilever, Axis Bank, Kotak Bank, ICICI Bank and ITC. Meanwhile, the laggards included stocks such as Maruti, Adani Ports, TechMahindra, Bajaj Finance and IndiGo.
In the broader markets, the Nifty Midcap 100 declined 1.49 per cent as volatility increased. Sectorally, Nifty FMCG rose 1.05 per cent and the Nifty Media declined 2.36 per cent.
Previously, during the early morning session, the BSE Sensex climbed more than 250 points and inched closer to 74,200, while the NSE Nifty50 rose almost 50 points and tested 23,300, as of 9:15 AM.
Investor Focus Shifts To Rising US-Iran Conflict
Global investor attention remained fixed on the rapidly escalating conflict between the United States and Iran, triggering fresh uncertainty across financial markets and raising fears over global energy supplies.
The latest escalation followed US military strikes on targets inside Iran after an American Apache helicopter operating over the Strait of Hormuz was reportedly brought down.
ALSO READ: Gold Silver Rate Today (June 10): US-Iran War Hit Metals Hard, Check Latest Rates In Delhi, Mumbai, Chennai, More
Tehran has warned that it will respond to Washington’s actions, intensifying concerns about the possibility of a wider regional confrontation.
Iran Claims Drone Strike On US Navy Base In Bahrain
Adding to market anxiety, Iran claimed responsibility for a drone strike targeting the US Navy’s Fifth Fleet headquarters in Bahrain.
The reported attack came shortly after US forces carried out strikes at multiple locations in southern Iran, marking a sharp escalation in hostilities between the two countries.
The developments have heightened concerns over potential disruptions to global oil supply chains and broader instability in West Asia.
Asian Markets Decline Amid Geopolitical Concerns
Equity markets across the Asia-Pacific region traded lower on Wednesday as investors reduced exposure to risk assets following the latest geopolitical developments.
Japan’s Nikkei 225 declined around 0.8 per cent, while South Korea’s Kospi dropped nearly 2.7 per cent.
The broad-based weakness reflected growing worries that a prolonged conflict could affect global economic growth and fuel inflationary pressures.
Wall Street Ends Mixed
US markets closed on a mixed note overnight as investors reacted to geopolitical tensions and rising crude oil prices.
The S&P 500 and Nasdaq Composite ended lower, with the technology-heavy Nasdaq declining nearly 1 per cent. The S&P 500 also closed in negative territory.
The Dow Jones Industrial Average, however, managed to end marginally higher.
Oil Prices Rise As Strait Of Hormuz Risks Grow
Crude oil prices moved higher as traders assessed the possible impact of escalating tensions on global energy supplies.
Brent crude futures rose nearly 1 per cent to trade around $92.27 per barrel.
The Strait of Hormuz remains one of the world’s most critical energy corridors, and any disruption to shipping activity in the region could significantly affect global oil markets.
For India, higher crude prices remain a key concern as they could impact inflation, the rupee and corporate profitability.
ALSO READ: 10% Jet Fuel Hike, Rs 10,000 Crore Relief Fund: Inside Govt’s Plan To Shield Airlines
