Mumbai, April 7: The Indian stock market opened in the red on Tuesday, continuing its downward trend amid rising concerns over the escalating U.S.-Iran conflict in West Asia. The market had also opened lower on Monday.
The BSE Sensex, comprising 30 shares, opened down by 372.49 points or 0.50% at 73,734.36, while the Nifty 50 fell by 129.55 points or 0.56% to open at 22,838.70. Additionally, the Bank Nifty opened 350.40 points or 0.67% lower at 52,258.70.
As of around 9:28 AM, the Sensex was trading at 73,791.21, down 315.64 points or 0.43%, while the Nifty 50 was at 22,880.85, down 87.40 points or 0.38%.
In broader markets, the Nifty Midcap 100 index recorded a decline of 0.47%, whereas the Nifty Smallcap 100 index saw a slight increase of 0.23%.
Sector-wise, the Nifty IT index rose by 0.93% and the Nifty FMCG index by 0.15%. In contrast, the Nifty Auto index fell by 1.33%, the Nifty Bank index by 0.82%, and the Nifty Financial Services index by 0.61%.
Among the Nifty 50 stocks, Hindalco, Wipro, Tech Mahindra, Bajaj Finance, HCL Tech, ONGC, ITC, and TCS saw the most gains, while Max Health, Indigo, M&M, Eternal, Eicher Motors, Axis Bank, and Ultratech Cement experienced the largest declines.
Market experts indicate that global markets are currently on high alert due to an impending geopolitical deadline. Investors are closely watching U.S. President Donald Trump’s ultimatum to Iran, which is set to expire at 6:30 AM IST on Wednesday (8:00 PM U.S. time). Trump has warned of potential military action if Iran does not reopen the Strait of Hormuz.
Crude oil prices continue to rise, with WTI crude reaching $115 per barrel, largely due to Trump’s repeated threats of attacks on Iran’s power plants and bridges. The Strait of Hormuz, through which nearly 20% of the world’s oil supply passes, has been disrupted since February 28 due to ongoing conflict, leading to a nearly 90% increase in crude oil prices this year.
Iran has rejected a 45-day ceasefire proposal backed by countries such as Pakistan, Egypt, and Turkey, stating that it seeks permanent peace, relief from sanctions, and compensation for war damages.
According to a market expert, the near-term resistance level for Nifty is seen at 23,465, while support levels are identified at 22,800 and 22,540.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
