Kolkata: How will the Indian stock market open on Wednesday, June 18 as the US threatens to get into action in West Asia after about a week of Israel-Iran conflict? As far as the cues are concerned, they are mostly negative. Sensex and Nifty declined by 0.26% and 0.37% respectively on June 17.
The key Asian market indices were mostly in the negative. Two of the three major US benchmark indices ended in the red on Tuesday. The significant indicator of GIFT Nifty is trading in the red on Wednesday morning.
Global markets
A glance at the global market indices is not very inspiring at all. Dow Jones ended a paltry 0.04% in the green on June 17, while S&P500 and Nasdaq ended significantly in the red at 0.84% and 0.91% respectively. All the three major European indices British FTSE, French CAC and German DAX ended in the red.
Most important, GIFT Nifty was in the red this morning. Asian cues were mixed with Nikkei, Taiwan Weighted and KOSPI were trading in the green. Shanghai Composite, Straits Times and Hang Seng were in the red.
The Indian rupee declined 30 paise against the US dollar to close at 86.34 on Tuesday. A rise in global crude oil prices against the backdrop of the Iran-Israel war, a strengthening dollar and weak domestic equity markets added to the pressure on the Indian currency.
Sensex, Nifty on June 17
Except IT, all other sectoral indices ended in the red on Tuesday with pharma, metal, oil & gas, auto, realty, PSU Bank dipping anywhere between 0.5% and 2%. Sensex 30 closed at 81,583.30, down by 212.85 points and Nifty 50 ended the day at 24,853.40 down by 93.10 points. Sun Pharma (2.18%), Eternal (1.92%) and Tata Motors 1.70% were the main laggards in the Sensex pack while Tech Mahindra (1.33%), Infosys (1.01%) and Asian Paints (0.93%) were the key gainers. The BSE Mid Cap and Small Cap indices dipped by 0.56% and 0.67% respectively.
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Analysts attributed the decline in Sensex and Nifty on June 17 on the profit booking that took place due to the intensifying Israel-Iran conflict. It remains to be seen how the market opens on Wednesday, June 18, with US threatening to get into the action directly against oil-rich Iran. The cues appear negative this morning. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
