Indian stock markets turned volatile in early trade as the Sensex slipped 62 points and the Nifty fell below 23,130, with investors remaining cautious as US-Israel strikes on Iran enter their third week and oil prices stay above $100
Indian equity benchmarks turned slightly negative in early trade on Monday as investors remained cautious amid escalating geopolitical tensions in West Asia, with the conflict intensifying as United States and Israel continued military strikes on Iran for a third consecutive week.
The BSE Sensex was trading at 74,501.91, down 62.01 points or 0.08 per cent around 9:18 am, after opening higher earlier in the session. Meanwhile, the Nifty 50 slipped 22.20 points, or 0.10 per cent, to 23,128.90, as early gains faded amid cautious sentiment.
Among Sensex constituents, UltraTech Cement led the gains, rising over 2.5 per cent, followed by ITC, Tata Steel, and Kotak Mahindra Bank. Defensive names such as Hindustan Unilever and Sun Pharma also traded in positive territory.
On the downside, Bharat Electronics fell nearly 2 per cent, while Mahindra & Mahindra, Bharti Airtel, Maruti Suzuki, Infosys, and Tech Mahindra were among the notable laggards.
Energy supply fears remain central risk
The ongoing war has pushed global crude prices above $100 per barrel, raising concerns over imported inflation for oil-dependent economies like India and putting pressure on the rupee.
Since late February, when the United States and Israel launched coordinated strikes on Iranian targets, Tehran has largely restricted traffic through the Strait of Hormuz, intensifying concerns about supply disruptions.
However, some immediate fears eased after two India-flagged LPG carriers — Shivalik and Nanda Devi — carrying roughly 92,712 metric tonnes of liquefied petroleum gas successfully crossed the chokepoint last week on their way to India.
India has also been pursuing diplomatic engagement. External Affairs Minister Subrahmanyam Jaishankar told the Financial Times that New Delhi was in discussions with Iran and that the talks had already “yielded some results”.
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