Stock Market LIVE Updates: The Indian stock market was expected to open higher on Monday, following mixed cues from global markets amid cautiousness over the escalation of the US-Iran tensions in the Middle East. However, the GIFT Nifty, an early indicator of Nifty 50’s performance, declined 1% to 24,470 on renewed tensions between US and Iran.
The Gift Nifty was trading around the 24,468 level, a premium of nearly 100 points from the Nifty futures’ previous close. Markets may remain volatile as oil prices surge after a fresh escalation around the Strait of Hormuz and uncertainty over the Iran-US ceasefire. Brent crude moved above $95 a barrel, while risk-off sentiment returned.
The US said its military seized an Iranian cargo ship that tried to cross its blockade. Iran said it will not join a second round of peace talks after a warning of renewed airstrikes. Besides, the Strait of Hormuz has been closed again after the US and Iran accused each other of breaking a ceasefire following attacks on ships over the weekend.
Meanwhile, oil prices jumped on Monday. West Texas Intermediate futures climbed 8.11% to $90.65 a barrel. Brent crude increased 7.21% to $96.90 a barrel. Elsewhere, Asian markets traded mixed. Japan’s Nikkei 225 rose 0.76%, while South Korea’s Kospi gained 0.98% in early trade. Australia’s ASX 200 fell 0.18%.
Gold prices fell more than 1% as the dollar firmed. Spot gold price fell 1.4% to $4,762.09 per ounce, while US gold futures for June delivery dropped 2% to $4,781.90. Spot silver price declined 1.7% to $79.42 per ounce.
Besides, nearly 106 BSE-listed companies are set to list on NSE today. Key names include Grauer & Weil, Dr. Agarwal’s Eye Hospital, Kirloskar Ferrous and Z F Steering Gear. The list also includes Praveg, Novartis, Mafatlal Industries, John Cockerill, Timex Group and Deccan Gold Mines.
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