Stock Markets Today: GIFT Nifty falls over 350 points on Iran-Israel tensions, crude prices surge

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equities are likely to have a gap down start this morning after tensions between Israel and Iran escalated on Friday morning. The GIFT Nifty as of 7:55 AM Indian Standard Time, is indicating a 350 point downtick at the start of the trading day.

News reports indicate that the Israeli missiles hit some locations in Iran and the latter has activated its air defence system. The escalations of tensions in West Asia have resulted in a sharp sell-off across the Asia Pacific, with both Japanese and Korean indices declining over 3%, while the Dow Futures are now down over 500 points on last check.

The escalations in tensions have also resulted in a sharp surge in crude oil prices with Brent Crude back above the $90 per barrel mark with Gold prices nearing a record high.

For this truncated week, the Nifty is down over 2% and the Nifty Bank has corrected over 3%. If the GIFT Nifty is anything to go by, the Nifty may open below its March 20 swing low of 21,710.

Institutional investors have remained heavy sellers in the cash market, particularly foreign investors, who have sold nearly ₹11,000 crore in the cash market in this four-day week so far.

Follow this link for all the live market updates and the stocks that are likely to be in focus for today’s trading session. 

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow