Share Market Live: Crude Oil Prices Witness 9% Increase, Israel-Iran Tensions Affect Market

Share Market Live: Amid rising geopolitical tensions, Israel launched an air strike on Iran, which had a huge influence on the global market mood. This announcement triggered considerable selling pressure in Indian markets, with major indices such as Metal, Pharma, PSU Bank, and IT falling significantly. The midcap and smallcap groups also experienced significant losses. The Nifty Oil Index fell 1.25%, indicating a larger negative sentiment fuelled by mounting global uncertainties.

Increase in Crude Oil Prices

Furthermore, crude oil prices have risen, with Brent Crude surpassing $75 per barrel, WTI Crude approaching $74, and Murban Crude crossing $75. This increase in oil prices boosted the shares of ONGC and Oil India. However, stocks of downstream oil and gas businesses such as BPCL, HPCL, GAIL, IGL, and MGL have fallen. Tune in to Aaj Ka Bazaar for strategic ideas on managing these unpredictable market conditions with Anshul Jain, Head of Research at Lakshmishree Investments, and market expert Sunil Subramaniam.