By Reema Tendulkar Oct 9, 2023 9:25:28 AM IST (Published)
Indian benchmark indices — Sensex and Nifty 50 — are likely to make a gap-down opening on October 9.
Though the trading session of October 6 ended on a positive note, the geopolitical tensions in Israel may halt the two-day rally of Nifty 50.
The Nifty 50 closed above 19,600 in the previous session, half a percent rise. Wall Street in the US too witnessed a solid session following stronger-than-expected jobs data.
Over the weekend, Palestinian group Hamas launched a surprise attack on Israel, and the conflict has dragged down for the third consecutive day.
Following the attack, crude prices have already started rising. Brent crude has risen 4% overnight to above $88 a barrel on the back of the Israel-Hamas skirmish.
The question is, whether this conflict is more localized or if will it broaden out regionally to engulf oil-producing countries like Iran.
If that's the case, it needs to be seen whether net-importing countries like India will also underperform also.
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