Indian Stocks Face Lower Opening Amidst Israel-Hamas Conflict

Indian Stocks Face Lower Opening Amidst Israel-Hamas Conflict

VoM News Desk | October 9, 2023 | 08:21 AM IST | Breaking News | Follow on Google News

Indian Stocks Face Lower Opening Amidst Israel-Hamas Conflict

Indian Stocks Face Lower Opening Amidst Israel-Hamas Conflict

Indian stocks are expected to open lower on Monday, mirroring the trend in global stock markets. This response is directly linked to the Israel-Hamas conflict that erupted over the weekend. While fund managers suggest there’s no immediate need for panic, they are closely monitoring the situation. The evolving dynamics of this conflict could have a profound impact on Indian stocks, potentially leading to a surge in oil prices, heightened volatility in the rupee, and fluctuations in bond yields.

Israel’s Stock Index Plunges as War Unfolds

The benchmark TA-35 Index in Israel, tracking the performance of the top 35 companies on the Tel Aviv Stock Exchange, experienced a significant 6.47% drop on Sunday. Meanwhile, Indian benchmarks Nifty and Sensex traded around 3% below their mid-September record highs on Friday. Small- and mid-cap benchmarks also saw declines of 2-3.5% below their highs, largely due to selling by foreign institutional investors.

Market Uncertainty Prevails, Experts Caution on Oil Prices

Fund managers like Samir Arora of Helios Capital Management emphasize the need to assess the situation before making any hasty decisions. Although there may be a knee-jerk gap-down opening in sync with other markets, panic is not warranted at this point. Crude oil prices corrected 9% from their year-high after OPEC’s decision to maintain output cuts. However, a prolonged and expanding conflict remains a concern, as market experts speculate about state involvement in the attacks on Israel.

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VoM News Desk

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