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Oil prices fall, Indian indices open on negative note with Nifty below 22,150 amid Iran-Israel hostilities Stock Market
Representational image from Wallpaper Cave

Oil prices fall, Indian indices open on negative note with Nifty below 22,150 amid Iran-Israel hostilities

India Blooms News Service | @indiablooms | 16 Apr 2024, 10:19 am

Mumbai/IBNS: Indian indices opened on a negative note on Tuesday (April 16) with Nifty below 22,150 as geopolitical tensions continue to flare up in the Middle East after the Iranian aerial attack on Israel on Sunday midnight.

The Sensex was down 504.10 points (0.69 percent) at 72,895.68, and the Nifty was down 138.30 points (0.62 percent) at 22,134.20.

According to reports, about 1078 shares advanced and 1131 shares declined, while 118 shares remained unchanged.

Bharti Airtel, Titan Company, SBI Life Insurance, Eicher Motors and Nestle were among major gainers on the Nifty, while major losers were TCS, Bajaj Finance, LTIMindtree, NTPC, and Infosys.

On Monday (Apr 15), oil prices fell as the market seemed to minimize concerns about a wider regional conflict following the Iranian attack on Israel.

Oil benchmarks had surged on Friday (Apr 12) in anticipation of Iran's retaliatory action against Israel, pushing prices to their highest levels since October last year.

Amid the escalating geopolitical tensions between Iran and Israel, market benchmarks indices SENSEX and NIFTY tanked nearly 1 percent on Monday (Apr 15), in line with global equity losses.

Due to selling in banking as well as leading FMCG and IT shares, NIFTY dropped to 22,270 level while 30-share index SENSEX touched a low of 73,315.16.

The escalating geopolitical concerns in the Middle East after Iran's weened attack on Israel bolstered the US dollar and US Treasury yields sucking out funds from emerging markets and riskier assets.

Four top stocks to buy or sell today as recommended by market experts:

1. Colgate Palmolive: Buy at ₹2673.30, target ₹2820, stop loss ₹2585.

2. Gujarat Gas: Buy at ₹573, target ₹620, stop loss ₹246.

3. Mangalam Cement: Buy at ₹854 to ₹856, target ₹900, stop loss ₹829.

4. Cigniti Technologies: Buy at ₹1273 to ₹1275, target ₹1333, stop loss ₹1240.

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