The Indian equity market opened flat on Thursday following the failure of US-Iran talks to end hostilities. Investors acted cautiously as there was no major update on any agreement between the US and Iran.
The BSE Sensex fell over 850 points while Nifty was down 200 points, and the rupee also opened 20 paise lower against the US dollar at ₹94.
Pressure on the stock markets has been mounted by the rising crude oil prices, which have surged above $100 after Iran targeted two cargo ships.
Investors at the moment are acting cautiously since nothing has been achieved by the United States and Iran when it comes to peace talks in Islamabad.
The major losers were IT stocks and the banking sector; both sectors declined despite announcing the Q4 results.
Meanwhile, HSBC has also downgraded India to underweight, citing energy risks. The continuous blockade of the Strait of Hormuz has intensified regional risks, affecting market sentiment.
Foreign Institutional Investors (FIIs), global cautiousness and a weaker rupee (down 20 paise to ₹94) are pressuring equities.
The gold and silver prices have also declined on Thursday due to a strong dollar, high-yielding US bonds, and a shift to Bitcoin as a safe haven compared to traditional yellow and white metals.
Follow us
