GIFT Nifty down 1.4% as Iran claims airstrikes on its giant South Pars natural gas field

Stock market today news: GIFT Nifty declines amid US-Iran war.

• GIFT Nifty fell 1 percent after Iran reported airstrikes.
• Oil prices rose as Iran's energy facilities were targeted.
• Domestic markets may open lower amid heightened tensions.

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GIFT Nifty declined nearly 1 percent on Wednesday evening after Iran said US and Israeli airstrikes had hit its South Pars gas field and nearby infrastructure, according to state television. It said oil and petrochemical facilities in Asaluyeh were also targeted.

At around 22:52 pm, GIFT Nifty was trading below the 23,500 level at 23,460, down 1.43 percent or 340 points.

An attack, if confirmed, would mark the first instance of Iran’s upstream oil and gas facilities being targeted in the ongoing conflict. Oil prices rose after Iran reported that some of its energy facilities had come under attack.

Trump further suggested that countries relying on Strait of Hormuz should secure the route after US 'finishes off' Iran.

Brent crude was trading near USD 105 per barrel, up nearly 2 percent. Earlier, the global oil benchmark had dipped 0.10 percent to USD 103.3 per barrel.

The domestic markets are likely to open lower on Thursday on cues from Gift Nifty after three consecutive sessions of gains, as geopolitical tensions remain elevated. Iran has vowed retaliation following attacks that led to the death of its security chief Ali Larijani, while US President Donald Trump said the conflict could end soon.

Gulf nations continue to explore alternatives to the Strait of Hormuz, where traffic has slowed sharply. Iraq is set to resume exports through a pipeline linking the Kurdistan region to Turkey’s Mediterranean port of Ceyhan, though the route can handle only a limited share of its output.

On Wednesday, benchmark indices Sensex and Nifty settled nearly 1 percent higher, extending gains for a third straight session, supported by a marginal decline in crude oil prices and firm global cues.

The Sensex rose 633.29 points, or 0.83 percent to close at 76,704.13. During the day, it climbed 929.38 points, or 1.22 percent to 77,000.22. The Nifty advanced 196.65 points, or 0.83 percent to settle at 23,777.80.

Wall Street futures turned red, after trading flat, indicating a subdued start for the US markets.

(With inputs from Bloomberg)

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