Global ceasefire tensions weighed on equity markets after Iran and the United States accused each other of violating the agreement. Oil prices edged higher amid concerns over supply disruptions.
Indian equities opened about half a percent lower, briefly showed signs of recovery, but failed to sustain gains.
The Sensex slipped below 76,800
The Nifty 50 fell under 23,800
Losses widened to over 1 percent during the session
Most sectoral indices traded in the red, except metals, pharma, and healthcare.
Key laggards included: Banking and financials, Auto, IT, Realty, and Consumer durables.
Bajaj Auto rose over 2 percent after Bank of America Securities raised its target price to ₹10,700 and reiterated a buy call
Larsen & Toubro received a buy recommendation from CLSA, which raised the target price to ₹4,842
Bosch was given a sell rating by UBS, which cut the target price to ₹27,920. However, the stock still gained around 1 percent to ₹36,200. UBS flagged concerns over the valuation of Bosch’s recent ₹9,608 crore acquisition of Bosch Chassis Systems
Hitachi Energy India gained on a buy call from JPMorgan, with a target price of ₹29,000
Honasa Consumer surged up to 8 percent after reporting strong fourth-quarter business growth
Fertiliser companies moved higher after the government increased natural gas allocation to 90 percent:
FACT jumped 8 percent
National Fertilizers and Rashtriya Chemicals & Fertilizers rose about 5 percent
Defence-related stocks also advanced:
Cochin Shipyard gained 4.5 percent
Garden Reach Shipbuilders & Engineers rose 3.5 percent
Mazagon Dock Shipbuilders added 3 percent
The Indian rupee opened slightly weaker:
The Indian rupee opened at 92.66 per dollar against the US dollar
Later strengthened marginally to 92.53
Gold trends remained mixed:
International gold hovered at $4,721 per ounce
In Kerala, 22-carat gold fell ₹1,720 to ₹1,11,080 per sovereign
Oil prices stayed elevated amid geopolitical uncertainty:
Brent crude initially eased to $96.61 per barrel
Later rebounded to $97.02
Heightened geopolitical tensions around the US-Iran ceasefire and concerns over the Strait of Hormuz are keeping markets on edge. Continued volatility in crude oil and currency movements could dictate near-term market direction.