• Source:JND

Stock Market Today: The domestic equity market erased early gains to settle sharply lower after crude prices escalated amid a report claiming that the US carried out a fresh strike in Iran. The recent development dragged the market sentiment as the optimism around the US-Iran peace deal faded.

The BSE's 30-share index closed at 76,009.70, down 479.26 points or 0.63 per cent. NSE's Nifty50 ended the session at 23,913.70, down 118 points or 0.49 per cent. 

Earlier, in the morning, the BSE index traded in green and touched an intraday high at 76,627.04. However, in the afternoon trade, the index dragged into negative territory and hit an intraday low at 75,909.68.

"Near-term optimism around a potential US–Iran peace deal faded sharply following reports of US military operations in southern Iran, triggering a spike in crude prices and reversing the rupee’s brief appreciation. The monthly F&O expiry further amplified technical selling pressure in an already risk-off environment, leading domestic equities to close lower," Vinod Nair, Head of Research, Geojit Investments Limited.

Despite this, mid-cap resilience stood out, with the index touching an all-time high during the session, he added.

Meanwhile, Brent Crude price spiked over two per cent to trade near the $98-99 per barrel level, while WTI crude was quoted at the level of $92.17.

Top Losers And Gainers

Bharti Airtel, Trent, TCS, Bajaj Finance, Titan, HDFC Bank, Mahindra and Mahindra, ICICI Bank, Axis Bank, Reliance, ITC and Kotak Bank were the top losers from the Sensex basket.

Top Gainers: Tech Mahindra, Eternal, Maruti Suzuki, Hindustan Unilever, Adani Ports, and Tata Steel were the top gainers.

"The sharp rebound in Brent crude prices once again became a key pressure point for Indian equities. For an oil-import-dependent economy like India, rising crude prices immediately revive concerns around imported inflation, currency pressure, and widening fiscal stress. This led to broad-based profit booking in financials, consumption-linked sectors, and high-beta counters during the afternoon session," said Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth.  

Also Read: Stock Market Settles Sharply Lower Amid Fresh Development In US-Iran Tension; Sensex Down 479 Points

Meanwhile, Indian currency--Rupee-- traded weaker by around 20 paise near 95.43, down 0.22 per cent against the dollar.

"Weakness in domestic capital markets and renewed tensions after minor US strikes in southern Iran impacted sentiment. Although no major escalation has followed so far, the developments pushed crude oil prices higher by nearly 2.80%, which again increased pressure on the rupee due to concerns over India’s import bill and inflation outlook," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.


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