Indian benchmark indices reversed their recent upward trajectory on Wednesday, posting sharp declines as escalating tensions between the United States and Iran sent crude oil prices higher.
The geopolitical friction has triggered broad-based weakness across the market, overshadowing the positive momentum that had characterized the previous trading sessions.
The Gift Nifty, a key indicator of opening sentiment, traded near the 23,980 mark, down more than 68 points from the previous close of Nifty futures.
The Gift Nifty, a key indicator of opening sentiment, traded near the 23,980 mark, down more than 68 points from the previous close of Nifty futures.
This pre-market signal suggests that the selloff is likely to persist into the main session, with investors reassessing risk exposure amid the deteriorating geopolitical outlook.
The sharp reversal marks a stark contrast to the market's performance earlier in the week.
Frontline Indian equity indices had extended their winning streak for a fourth consecutive session on Monday, buoyed by lower oil prices and sustained buying from foreign portfolio investors.