Mumbai, July 22: The Indian equity markets posted notable losses early on Wednesday, weighed down by the US-Iran conflict and rising Brent crude prices.

Sensex lost 371 points, or 0.48 per cent, to reach 77,097 in morning trade while Nifty shed 106 points, or 0.44 per cent, to reach 24,081.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 lost 0.16 per cent, and the Nifty Smallcap 100 dipped 0.33 per cent.

Sectoral indices on NSE traded mostly in red, led by losses of Nifty pharma and mid small healthcare, down 0.99 per cent and 0.93 per cent, respectively, amid the fresh US phased tariff plan on generic drugs. Nifty PSU bank also logged strong losses, down 0.86 per cent.

Auto was the major gainer, up 0.79 per cent. FMCG, Metal and consumer gainers were the only other gainers, adding 0.09 to 0.15 per cent.

“The early automobile Q1 numbers are impressive, exports and management commentary reflect optimism. The price correction in a few leading banks is apparently over. Rupee is likely to remain stable buoyed by positive news on the dollar flows from FCNR deposits which has crossed $20 billion now. The inflows are likely to gather momentum, going forward,” an analyst said.

Weakening of the chip trade and sharp correction in markets like South Korea during the last one month are making India relatively stable and attractive from the valuation perspective, he added

In the previous session, the Nifty 50 extended its corrective phase for the second consecutive day, declining 0.2 per cent and closing below the 24,200 mark. The index largely traded within the previous session’s range, reflecting indecisiveness among market participants, analysts noted.

The immediate support for Nifty is placed at 24,100, followed by 24,000 level. On the upside, the 24,300–24,400 zone remains a key hurdle for the bulls, market participants said.

Meanwhile, Asian markets traded higher in early deals, tracking technology-led gains on Wall Street as investors awaited earnings from major US technology companies.

In Asian markets, China’s Shanghai index gained 0.35 per cent, and Shenzhen added 0.36 per cent, Japan’s Nikkei advanced 1.93 per cent, and Hong Kong’s Hang Seng Index eased 0.69 per cent. South Korea’s Kospi added 4.31 per cent.

The US markets ended in green overnight as Nasdaq gained 1.29 per cent. The S&P 500 advanced 0.89 per cent, and the Dow Jones added 0.74 per cent.

On July 21, foreign institutional investors (FIIs) net bought equities worth Rs 1,650 crore, while domestic institutional investors (DIIs) net sold equities worth Rs 656 crore.

Mumbai, July 21: Gold and silver prices traded higher on Tuesday, tracking gains in global bullion markets as easing crude oil prices and persistent geopolitical tensions in the Middle East boosted demand for safe-haven assets.

On the Multi Commodity Exchange (MCX), gold futures for August delivery climbed as much as 1.03 per cent or Rs 1,460 to touch an intraday high of Rs 1,42,848 per 10 grams at around 11:20 am. Meanwhile, silver futures for September delivery rose 1.54 per cent or Rs 3,380 to an intraday high of Rs 2,21,780 per kg.

At the last count, the yellow metal was trading at Rs 1,42,741, up Rs 1,353 or 0.96 per cent after touching an intraday low of Rs 1,42,157.

On the other hand, the white metal at Rs 2,21,402, gaining Rs 3,002 or 1.37 per cent after hitting a session low of Rs 2,19,200 so far.

Earlier in the day, gold and silver opened at Rs 1,42,386 per 10 grams and Rs 2,19,200 per kg, respectively, on the commodity exchange.

The rally in domestic bullion prices mirrored global trends after Brent crude slipped below the $90-a-barrel mark amid reports of diplomatic efforts to de-escalate the conflict in the Middle East.

International gold prices also moved higher after oil prices retreated following reports that the US had ended its latest round of airstrikes targeting Iran.

The latest developments follow a sharp rally in crude oil prices that briefly pushed Brent above the $90-a-barrel level, fuelling concerns over higher global inflation and the possibility of further monetary tightening by major central banks, including the US Federal Reserve.

According to the commodity market experts, bullion prices have remained volatile in recent weeks as investors weigh geopolitical risks against expectations for the US Federal Reserve’s interest rate path.

Higher interest rates generally reduce the appeal of non-yielding assets such as gold by increasing the opportunity cost of holding them, they added.

They further noted that persistent geopolitical uncertainty has continued to support safe-haven demand, offsetting pressure from a stronger US dollar.

Mumbai, July 20: Domestic equity markets opened lower on Monday, tracking weak global cues and spike in crude oil prices amid escalating tensions in the Middle East kept investors cautious.

Sensex fell over 500 points or 0.7 per cent to an intraday low of 77,591 in early trade, while Nifty started the session 144 points or 0.6 per cent lower at 24,190.05.

Sectorally, selling pressure was concentrated in financial stocks, with Nifty Private Bank index dropping more than 2 per cent, followed by the Nifty Realty index, which slipped over 1 per cent.

In contrast, the Nifty PSU Bank index gained around 1 per cent, while the Nifty Pharma, Nifty Healthcare, Nifty Metal and Nifty Oil & Gas indices traded in positive territory.

Among Nifty constituents, HDFC Bank, Axis Bank, Kotak Mahindra Bank, IndiGo and Shriram Finance emerged as the top losers in early trade.

According to market experts, despite the weak global backdrop, the domestic market’s technical structure remains resilient, and any decline is likely to attract buying at lower levels. They said the derivatives setup continues to support a bullish undertone, with the Nifty expected to find immediate support around the 24,100 level, while 24,500 is likely to act as the key resistance.

Meanwhile, international oil prices surged after the Middle East conflict escalated further over the weekend, with the United States and Iran exchanging fresh attacks.

Brent crude rose nearly 3 per cent to approach the $90-a-barrel mark, while the US West Texas Intermediate (WTI) crude gained more than 3 per cent to $85.39 a barrel.

Tehran said the ceasefire between the two countries had effectively collapsed, heightening concerns over potential disruptions to oil supplies through one of the world’s busiest shipping routes.

Asian markets traded mixed. Japan’s Nikkei and South Korea’s Kospi tumbled more than 4 per cent each, while Hong Kong’s Hang Seng gained around 2 per cent. Indonesia’s Jakarta Composite and China’s Shanghai Composite also rose by up to 1 per cent.