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India's benchmark equity indices tumbled at open as the Middle East crisis pushed investors out of risk assets and seek shelter in gold. The Nifty opened 520 points or 2% lower at 24,659 and Sensex dropped 2,740 points or 3.4% to 78,543.
Rupee is under pressure as higher oil prices and export hit to the Gulf weighs.
Asian shares fell 1.2%, while equity-index futures for US benchmarks dropped 0.6%, recovering from earlier session lows.
Brent surged as much as 13% — before paring gains — as the conflict plunged the global crude market into turmoil, with the effective closure of the Strait of Hormuz. Gold rose to trade around $5,325 an ounce, off the session highs.
Global shipping giant Moller-Maersk has suspended all vessel crossings through the Strait of Hormuz, citing escalating tensions in the Middle East. "We are suspending all vessel crossings in the Strait of Hormuz until further notice. As a result, services calling ports in the Arabian Gulf may experience delays, rerouting, or schedule adjustments, " the Danish shipping company said.
Gold and silver prices spiked sharply on Monday as investors sought refuge in safe-haven assets amid escalating geopolitical tensions in the Middle East. On the Multi Commodity Exchange (MCX), gold April futures rose 2.8% and touched highs near Rs 1.67 lakh per 10 grams, while silver May futures rose 2.6% to above Rs 2.9 lakh per kg. The rally in bullion coincided with heightened volatility across global markets following military escalation between the US, Israel and Iran over the weekend.
Mark Matthews of Julius Baer told NDTV Profit that current oil prices indicate the situation is not a long‑term issue. He noted that Asia currently has high inventories of oil, which should help cushion any near‑term disruptions.
Matthews added that he does not foresee any long‑term impact on India from the ongoing war, emphasizing that Indian equities have no direct relationship with oil prices. The Indian economy has become much stronger over time, while the Indian market has traded sideways and consequently become less expensive. Overall, he believes India has emerged as a strong long‑term investment story.
The India Volatility Index, known as the fear gauge, soared to a nine-month high today. The India VIX jumped nearly 20% to 16.38, a level last seen during June's 12-day Israel-Iran war.
Indian Oil, BPCL, Mangalore Refinery, Chennai Petroleum and HPCL all fell during early trade.
Higher oil prices due to the Iran war will impact shipments to refineries operated by these companies and eat into their fuel margins.
Sharses of Shree Ram Twistex listed at a sharp 33% discount to the IPO price on Monday.
The scrip opened at Rs 68, compared to the issue price of Rs 104.
Clean Max Enviro Energy Solutions listed at a discount of nearly 9% to the IPO price. The scrip opened at Rs 960 versus issue price of Rs 1,053 on NSE.
Citi Research has lowered target prices across its India IT coverage by 14-29%, citing changes in valuation multiples and terminal growth assumptions, while maintaining a cautious stance on the sector. The brokerage cut its target price on Infosys to Rs 1,440 from Rs 1,700. TCS saw its target reduced to Rs 2,500 from Rs 3,020, while HCL Technologies was lowered to Rs 1,460 from Rs 1,700.
Shares of Larsen & Toubro fell as much as 3% during early trade, becoming the top drag on the benchmark Nifty 50. The stock is under pressure due to the Middle East conflict. Iran has attacked Gulf neighbours Qatar, UAE and Kuwait after US and Israeli strikes. The Gulf is a major source of deal wins and existing project pipeline for L&T. The company has been securing large orders for construction and engineering projects in the GCC countries. Instability in such a key market can dampen income.
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Shares of InterGlobe Aviation, parent of IndiGo airlines, tanked nearly 7% during early trade as the Middle East conflict trigerred flight cancellations and airspace closure.
India's benchmark equity indices tumbled at open as the Middle East crisis pushed investors out of risk assets and seek shelter in gold.
The Nifty opened 520 points or 2% lower at 24,659 and Sensex dropped 2,740 points or 3.4% to 78,543.
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The yield on the 10-year government bond opened 3 basis points higher at 6.69%
The rupee opened 27 paise lower at 91.25 to the dollar. The dollar index, which tracks the index against a basket of major currencies, surged 0.3% amid Middle East crisis.
Oil prices jumped over 13% to above $80 per barrel. Higher oil prices is a negative factor that weighs on the INR.
The Nifty 50 plunged 1,000 points to at pre-open session. The immediate support for the index is pegged at 24,900.
David Roche, strategist at Quantum Strategy, told NDTV Profit that the risk premium for equities has increased amid the Middle East conflict. He said oil prices may spike before eventually settling at a more rational level.
According to him, structural damage in Iran could persist for 8 to 24 months. Roche added that the impact of these developments on market fundamentals has not yet been fully seen. He also expects oil prices to rise by 10–20% due to supply constraints.
At a time when geopolitical tensions have escalated thanks to the US-Iran conflict, investment research firm Quantum Strategy is adjusting its portfolio and has given a detailed note on how the firm is recalibrating its portfolio in the wake of recent global events.
In its latest note, Quantum Strategy has forecasted substantial disruptions to global supplies and a prolonged war. As such, the firm is reinstating its position on Brent Crude while increasing its allocation to gold and other hard assets by 10%. Quantum is particularly avoiding the US dollar as a safe haven, instead opting for the Australian and Singaporean dollars.
According to market expert Kush Bohra, the Nifty 50's immediate support lies at 24,900 and positional support at 24,600.
Gift Nifty is indicating a negative start, with Nifty likely to open near 25,100, down close to 100 points. The index continues to trade within a downward-sloping channel, reflecting persistent selling pressure in recent sessions.
The 25,100 level is now a critical lower boundary. A sustained move below this zone could trigger a technical sell-off toward the 24,700 levels. On the upside, resistance is placed at 25,350–25,400, while immediate support lies in the 25,100–24,950 band.
Read the full trade setup for today:
Oil prices surged the most in four years after escalating conflict involving Iran disrupted tanker traffic through the Strait of Hormuz, a critical chokepoint for global energy supplies. Brent crude jumped as much as 13% to trade above $82 a barrel — its highest level since January 2025 — while West Texas Intermediate hovered near $72. The sharp move followed an effective halt in tanker flows through the strait, as shipowners and traders imposed a self-directed pause amid widening hostilities.
Asian shares tumbled on Monday, with Hong Kong and Japanese benchmarks dropping the most amid the conflict in the Middle East, prompting investors to trim risk exposure and seek haven assets.
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