Mumbai, April 9: Following a significant surge the previous day, the Indian stock market opened in the red on Thursday due to weak global signals. This decline comes after Iran accused the United States of violating a ceasefire agreement, leading to a spike in crude oil prices and a subsequent drop in both Nifty 50 and Sensex.
During this period, the BSE Sensex opened at 77,319.33, down 243.57 points from the previous close of 77,562.90. Meanwhile, Nifty opened at 23,909.05, falling 88.3 points from its last close of 23,997.35.
As of around 9:40 AM, the Sensex was trading at 77,118.49, reflecting a decline of 444.41 points or 0.57%. Nifty 50 was down by 101.45 points, or 0.42%, trading at 23,895.90.
In the broader market, the Nifty Midcap Index saw a slight decline of 0.13%, while the Nifty Smallcap Index fell by a marginal 0.02%.
Sector-wise, Nifty Metal and Nifty Pharma showed better performance, while Nifty IT recorded the largest drop of 1.17%. Additionally, declines were observed in Nifty Auto, Nifty Financial, Nifty Bank, and Nifty Realty sectors.
Among the Nifty 50 stocks, shares of Infosys, L&T, Eternal, Jio Financial Services, HCL Tech, Indigo, and Shriram Finance were among the biggest losers. Conversely, Hindalco, Max Health, NTPC, Bajaj Auto, BEL, and Powergrid saw the most gains.
In the meantime, Brent crude futures rose by 3.31% in the morning, reaching $97.89 per barrel. U.S. West Texas Intermediate (WTI) crude was trading at $98.38, up 4.2% from the previous close.
It is noteworthy that U.S. President Donald Trump announced a ceasefire earlier this week, but the situation in the Middle East remains extremely fragile. On Wednesday, Israel launched one of its most severe attacks on Lebanon, resulting in hundreds of casualties, and Iran issued new threats of retaliation, dampening hopes for lasting peace and causing anxiety in global markets.
Adding to the uncertainty, Iran’s chief negotiator and parliament speaker, Mohammad Bagher Ghalibaf, indicated that continuing talks aimed at a permanent peace agreement with the U.S. might now be “improper.” In contrast, the White House stated that direct talks with Iran would continue.
Meanwhile, Tehran accused Israel of violating the ceasefire, continued its attacks on Gulf nations, and despite assurances for safe passage, the Strait of Hormuz remains largely blocked. This has become a significant concern for financial markets, as this waterway is a crucial route for global oil supply. Any disruption there could reignite inflation worries.
Analysts suggest that traders should adopt a cautious approach, prioritize a “buy on dips” strategy near support levels, and avoid aggressive long positions at higher levels.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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