Sensex Falls 350 Points in Early Trade
The Sensex and Nifty opened in the red on Tuesday, extending a five-session losing streak as surging crude oil prices and the collapse of the U.S.-Iran ceasefire kept investor sentiment under pressure. The Sensex, which closed at 77,728.16 on Monday, opened at 77,418.97 and was trading at 77,465.70, down 262.46 points or 0.34 per cent.
Meanwhile, the Nifty 50, which had ended at 24,287.65, opened at 24,223.85 and was trading at 24,237.75, down 49.90 points or 0.21 per cent, as of 9.21 am. Brent crude climbed above $91 a barrel after U.S. President Donald Trump declined to extend the 60-day U.S.-Iran ceasefire, while WTI topped $85.
Citi remains constructive on Indian equities and has set a June 2027 target of 26,800 for the Nifty 50, based on an 18x one-year forward price-to-earnings multiple.
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Shares of Magellanic Cloud Limited surged 6.95 per cent to ₹28.63 on the NSE after the company announced that its wholly owned subsidiary, Provigil Surveillance Limited, has received a Letter of Acceptance (LOA) from Dedicated Freight Corridor Corporation of India Limited (DFCCIL) worth ₹8,89,99,860.
Sigma Advanced Systems stock locked in the upper circuit of ₹658.45 on the NSE, up 5 per cent after its partnership with Indrajaal Autonomous Defence Systems to secure ₹155 crore of anti-drone patrol vehicle orders from the Home Ministry.
The Indian rupee weakened to around ₹95.68 per dollar, pressured by higher crude prices, although RBI intervention helped limit the decline. Cash still dominates in India despite digital boom, says RBI Deputy Governor Murmu, as currency in circulation continues to grow at double-digit rates despite a decline in cash’s share of individual transactions due to increasing digital payment adoption.
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People affected by the market trends need to be cautious with their investments and keep a close eye on the market. The surge in crude oil prices and the collapse of the U.S.-Iran ceasefire have created uncertainty in the market, which can impact their investments.
Market volatility is high.
