The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a subdued note on Tuesday, tracking mixed global cues as investors remain cautious amid escalating geopolitical tensions in the Middle East and await key corporate earnings.Asian markets traded mixed in early trade, while US equities ended lower overnight ahead of a busy earnings calendar.On Monday, domestic equity benchmarks closed in the red as concerns over the intensifying US-Iran conflict and elevated geopolitical risks dampened investor sentiment.
The BSE Sensex fell 442.93 points, or 0.57%, to 77,708.52, while the Nifty 50 declined 95.80 points, or 0.39%, to settle at 24,238.50.US-Iran ConflictTensions in the Middle East remained elevated after two oil tankers caught fire following explosions while attempting to transit the southern route of the Strait of Hormuz, according to Reuters.
Iran's Revolutionary Guards said the strategic waterway would remain closed as long as US military actions in the region continued.
The Guards also claimed responsibility for targeting US military assets in Bahrain, including a radar installation and an air defence system in Muharraq.Crude Oil PricesCrude oil prices edged lower on reports of fresh diplomatic efforts aimed at easing tensions between the US and Iran.
Brent crude futures slipped 0.37% to $88.89 a barrel, while US West Texas Intermediate (WTI) crude for September delivery was little changed at $82.47 per barrel.Gold Rate TodayGold prices traded largely unchanged as investors closely tracked geopolitical developments in the Middle East.
Spot gold was steady at $4,008.83 per ounce, while spot silver eased 0.2% to $56.31 per ounce.US DollarThe US dollar hovered near a one-week high as investors sought the safety of the greenback amid geopolitical uncertainty.
The US Dollar Index (DXY) was steady at 100.96, close to its strongest level since 15 July.
The dollar was little changed at 162.50 against the Japanese yen, while the euro traded at $1.1415 and the British pound held steady at $1.3434, according to Reuters.What Gift Nifty live chart signals?The Gift Nifty Live Chart shows a weak start for the Indian stock market today.
By 7:36 AM, the Gift Nifty was trading around the 24,155 level, a discount of 104.5 points from the Nifty futures’ previous close of 24,259.50.Ponmudi R, CEO of Enrich Money, Indian equity markets are expected to open on a subdued note as investors remain cautious amid escalating geopolitical tensions in the Middle East, elevated crude oil prices, persistent....
