Stock Market: Amidst Iran-America tension, Indian stock market opened in red, Nifty below 24000.

Mumbai, 11 May. Indian stock market opened in the red on Monday due to increasing tension between Iran and America. At 9:19 am, the Sensex was at 76,424, down 904 points or 1.17 per cent, and the Nifty was at 23,927, down 263 points or 1.09 per cent. There was an all-round decline in the market in early trading. Nifty Consumer Durables and Nifty Auto were the top losers among the indices. Almost all the indices including Nifty Realty, Nifty Media, Nifty PSU Bank, Nifty Consumption, Nifty Energy and Nifty Infra were in the red.

Along with largecaps, midcaps and smallcaps were also trading strongly. The Nifty Midcap 100 index was at 61,487, down 423 points or 0.66 per cent, and the Nifty Smallcap 100 index was at 18,623, down 84 points or 0.45 per cent. Titan, Indigo, Eternal, SBI, SBI, M&M, Bharti Airtel, Bajaj Finserv, Maruti Suzuki, HDFC Bank, UltraTech Cement, Trent, HUL, Power Grid, Axis Bank, ITC, Asian Paints, Kotak Mahindra Bank and TCS were the losers in the Sensex pack.

Mixed trading is taking place in Asian markets. Tokyo, Hong Kong and Jakarta were in the red. Whereas, Shanghai, Bangkok and Seoul were in the green. American stock markets closed in the green on Friday. During this period, the main index Dow Jones remained flat. At the same time, technology index Nasdaq closed with a gain of 1.71 percent. The reason for the fall of global markets along with India is US President Donald Trump not accepting Iran’s peace proposal.

Trump wrote on social media that I read the answers of the Iranian representatives. I don’t like this and it cannot be accepted. According to reports, the peace proposal sent by Iran through Pakistan talked about ending the war, opening the Strait of Hormuz and talks on the nuclear program, but America is adamant on demands like handing over uranium, due to which a situation of tension remains between the two countries.