GIFT Nifty was down 117.50 points near the 25,167 mark at the time of writing this news, signalling a gap-down start for domestic benchmarks. The Nifty 50 is likely to open sharply lower, tracking weakness in global markets, according to reports.
The rupee is also expected to remain under pressure through the trading session.
The decline follows a sharp deterioration in the geopolitical landscape after US-Israel strikes on Iran and Tehran’s retaliation, developments that have rattled global financial markets.
Asian Markets Slide
Risk-off sentiment swept across Asia, with regional shares falling 1.2%. Across West Asia, markets traded deep in the red.
The weakness extended to broader Asian markets, where screens were awash in red amid fears of a wider regional escalation and potential disruption to global oil supplies.
In the United States, equity-index futures for key benchmarks dropped 0.6%, though they recovered from earlier session lows.
How Nifty, Sensex Behaved On Friday?
The sell-off in global markets comes after Indian indices had already posted steep losses in the previous session.
On Friday, the Nifty 50 fell 318 points, or 1.25%, to close at 25,178. The BSE Sensex dropped 961 points, or 1.17%, to settle at 81,287.
Crude Oil Surges as Strait of Hormuz Closure Jolts Markets
Crude oil prices spiked sharply amid escalating tensions. Brent crude surged as much as 13% to around $82 per barrel before trimming gains to trade about 7% higher.
The spike in oil prices further weighed on investor sentiment, particularly in energy-importing economies.
US Stock Futures Slide: Dow Jones, S&P 500 Futures Slip
Overnight, US stock futures declined as rising oil prices and growing geopolitical risks pushed investors toward safe-haven assets.
Futures on the Dow Jones Industrial Average fell 571 points, or 1.2%. S&P 500 futures dropped 1%, while Nasdaq-100 futures slipped more than 1%.
Gold futures rose 2%, reflecting increased demand for defensive assets.
Gold and Silver Rally on Safe-Haven Buying
Precious metals rallied strongly as geopolitical tensions boosted safe-haven demand.
In India, the rate for 24-carat gold stood at Rs 1,62,190 per 10 grams, up nearly 2% from the previous day. In Delhi, 24-carat gold was priced at Rs 1,61,910 per 10 grams, while 18-carat gold was at Rs 1,21,642.5.
In Dubai, 24-carat gold was quoted at Rs 1,49,590.
On COMEX, gold traded at $5,372.20 an ounce, up 2.4%, after rising 0.9% earlier to hover around $5,325 an ounce, off session highs.
Silver prices also climbed sharply. In India, silver jumped 7% to Rs 2.8 lakh per kilogram. On COMEX, silver rose 1.83% to trade at $95 per troy ounce.
The metal had previously hit record highs in January amid geopolitical tensions and speculative buying.
Disclaimer: This content is for informational purposes only and not financial advice. Market conditions are volatile and subject to change. Please do your own research or consult a financial advisor before making any investment decisions.
Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
