Iran strikes on US troops, Global market falls


Indian market on Tuesday covers up the two consecutive day’s losses in the trading session. On the NSE, the Nifty50 closed at 12,052.95-mark, up 59.90 points or 0.50 per cent. The index hit an intra-day high of 12,152.15. On the sectoral front, all the major indices settled with over 0.5 per cent gains. Nifty Realty index edged 1.9 per cent higher, followed by Nifty Media, up 1 per cent. In the broader market, small-caps outperformed the frontline indices at close. The S&P BSE small-cap index ended 1.05 per cent higher at 13,858.68, while the S&P BSE mid-cap index closed 0.7 per cent higher at 14,867.07.

From the conflict between the US and Iran, Iran launched missile attack on US led forces in Iraq however, no casualties has been reported. U.S. stock futures dropped Tuesday night following this news. Dow futures dropped 170 points and indicated a loss of 192.68 points today. S&P 500 and Nasdaq 100 futures pointed to losses. Dow futures briefly fell more than 400 points earlier.

Asian markets fell in early trading Wednesday as Middle East tensions flared again. Japan’s Nikkei fell 2% and Hong Kong’s Hang Seng Index slipped 0.8%.

Oil prices also soared up along this flaring tension of US-Iran. Brent was up $touching the high of $71.28 now currently trading at $69.19/bbl while WTI sweet crude is currently trading at $63.47/bbl.

Indian market opened gap down on a weaker note below 12000 level at 11945 touching the intraday high of 12042 now currently trading around 40 points lower at 12013 stands not much affected by the Asian market. All the Nifty sectoral indices except Nifty IT index were trading in the red. Nifty PSU Bank index, down 1.9 percent fell the most. In the broader market, the S&P BSE MidCap index dipped 75 points, or 0.5 per cent, and the S&P BSE SmallCap index was down 65 points.

Disclaimer: represents Bitupan Majumdar which is an independent research analyst with SEBI RA registration code INH300006962. The report is distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 includes Financial Instruments and Currency Derivatives. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent

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