Sensex Today | Stock Market LIVE Updates: Nifty holds 24,680; Jubilant Ingrevia shares surge 11%

The Indian markets opened in deep red with major cuts on the last day of the trading week. The Nifty index declined by over 400 points, crumbling to the lowest mark in weeks. The Sensex index also collapsed by 1,200 points.

This comes at the back of uncertainties. Israel carried out a ‘preemptive’ strike on Iran, as explosions were heard in Tehran. As a result of this major escalation in the Middle East, the markets have been pushed into a state of chaos. The GIFT Nifty fell by over 300 points, indicating a negative start to the day’s trade.

The Asian markets are trading in deep red, with Nikkei and KOSPI trading with a dip of over 1%.

The Nifty heads into its weekly options expiry session on the back of six straight days of gains, but three factors may prevent a seventh one. First being the lack of clarity on the “done deal” with China that US President Donald Trump announced last evening. There is no clarity on the deal contours and no official remarks from China as well. US futures are down even after a positive inflation print.

Second is the rising geopolitical tensions in the Middle East, with Iran threatening to attack US bases in the region if nuclear talks fall through and a conflict is “imposed on them.” That news sent oil prices soaring past $70 per barrel and will keep oil sensitivities like ONGC, Oil India, HPCL, and peers in focus today.

Lastly, 25,200 continues to be a barrier for the index on the upside. The Nifty did cross that level on Wednesday intraday, but could not sustain above that. Underperformance from the Nifty Bank due to profit booking at higher levels is keeping the Nifty in check as well. Expiry brings with it its fair share of volatility as well.

Keep an eye out for capital market names like CDSL and BSE, which saw profit booking on Wednesday, along with the defence names, which fell despite some order wins.

Watch this space for all the Live updates.