The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday, tracking weak overnight global market cues as the escalating US-Iran conflict in the Middle East weighs on investor sentiment.

Asian markets traded on a mixed note, while the US stock market closed lower overnight following a sharp sell-off in semiconductor stocks.

Investors booked profits at higher levels on Tuesday, ending the Indian stock market’s four-session winning streak. Fresh strikes between the US and Iran pushed crude oil prices higher, further dampening market sentiment.

Domestic Market Recap

On Thursday, Indian indices ended red:

• Sensex slipped by 104.35 points (0.13%) to close at 78,180.72.
• Nifty 50 moved down by 31.65 points (0.13%) to settle at 24,398.70

Gift Nifty

Gift Nifty was trading near 24,235, around 205 points lower than the previous Nifty futures close, hinting at a negative start for Indian markets.

Overnight Wall Street Performance

The US stock market closed lower on Tuesday as investors sold semiconductor stocks, dragging the major indices into negative territory.

• The Dow Jones Industrial Average slipped by 130.76 points (0.25%) to close at 52,925.15.
• S&P 500 was down by 33.58 points (0.45%), ending at 7.503.85.
• The Nasdaq Composite was lower by 302.47 points (1.16%), finishing at 25,818.69.

Crude Oil Prices

• Brent crude gained by 1.83% to $75.52/barrel
• US West Texas Intermediate (WTI) crude was trading 1.97% higher at $71.83/barrel

Overnight Major Global Events Driving Sentiment

1. US-Iran War: The US military launched what it described as a series of powerful strikes against Iran and revoked a license that had allowed the country to sell oil. Washington carried out the military action after Iran targeted three oil tankers in the Strait of Hormuz.

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