Sensex Today: The Nifty 50 and BSE Sensex traded lower in the pre-open session as oil prices extended gains following fresh tensions in the Strait of Hormuz, where Iran reportedly targeted and seized ships.
The Nifty50 was trading 0.94 per cent or 211.40 points down at 24,178.15, and the Sensex was trading 665.50 points down at 77,851.43.
Broader markets outperformed the benchmark indices. The Nifty MidCap and the SmallCap were trading 0.29 per cent and 0.11 per cent down, respectively.
Sector-wise, the Nifty Auto declined the most. The Nifty Private Bank, the Nifty Financial Services, and the Nifty Bank underperformed.
Meanwhile, the Nifty Pharma outperformed.
US President Donald Trump said the ceasefire announced on April 7 would remain in place until Iran presents a unified proposal. However, Tehran indicated it would not participate in further negotiations. Both sides have continued to leverage blockades in the Strait of Hormuz, raising concerns over global inflation and growth.
Global Cues
Asian markets turned volatile as investors assessed the situation in West Asia. Japan’s Nikkei 225 and South Korea’s Kospi initially hit fresh highs. The Nikkei later slipped 0.47%, while the Kospi held gains of 1.38%.
Overnight, US markets remained firm, with the S&P 500 and Nasdaq Composite ending higher after touching record levels, rising 0.69% and 1.05%, respectively. The Dow Jones Industrial Average also closed 0.69% higher.
In commodities, Brent Crude stayed above the $100 per barrel mark as supply concerns persisted due to disruptions in the Strait of Hormuz. The April contract was up 0.14% at $102.05 on the Intercontinental Exchange. Meanwhile, gold and silver futures edged lower by 0.25% and 1.10%, respectively.
