Most of the 13 major sectoral indices were trading in the red

Geopolitical Jitters Drag Markets Down; India’s Oil Supply Unaffected, Says Govt

Indian stock market latest news today: Indian stock markets opened lower on Monday, reacting to rising tensions in the Middle East following the US joining Israel in the Iran-Israel conflict. Strong selling pressure was seen on both benchmark indices in the early trading session, ANI reported.

The Nifty 50 index opened at 24,939.75, dropping by 172.65 points or 0.69 percent, while the BSE Sensex started the day at 81,704.07, down by 704.10 points or 0.85 percent.

All 13 major sectors opened lower, according to Reuters.

According to the ANI report, quoting banking and market expert Ajay Bagga, geopolitical conflicts have historically represented good buying opportunities, and this conflict is no different.
He also stated, “Cash has good optionality in this situation, and it is good to keep some cash ready to deploy systematically if markets react downwards.”

Brent crude oil prices surged over 1.4 percent in the opening session, increasing the price of a barrel to USD 78.38.
The rise in price comes in the wake of fears that the conflict could disrupt oil supply through the Strait of Hormuz, a key route for global oil transport.

Union Minister Hardeep Singh Puri, speaking with ANI, stated that “Out of the 5.5 million barrels of crude oil that India consumes daily, about 1.5–2 million come through the Strait of Hormuz.” He added that India imports approximately 4 million barrels through other routes.
He also stated that Indian oil marketing companies have sufficient stocks and that India can “increase the supply of crude through other routes.”

Meanwhile, broader market indices on the NSE also declined, with all sectoral indices trading in the red.
Other global markets also opened on a negative note.
Investors are under pressure as fears of Iran’s retaliation loom.

At the time of filing this report at 11:09 AM on June 23, most of the 13 major sectoral indices were trading in the red. However, a few indices bucked the trend.
The Nifty Midcap 100 was up 8.25 points (0.01%) at 58,003.75, the Nifty Smallcap 100 rose 41.70 points (0.23%) to 18,235.90, and the Nifty Alpha 50 gained 209.65 points (0.40%) to 52,368.

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