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Indian Rupee loses momentum as international oil prices and dollar firms up
The Indian rupee lost momentum in opening trades on Wednesday as international oil prices and dollar firmed up following renewed tensions between US and Iran. Reported US air strikes on Iran drove oil prices higher, fueling inflation concerns and reinforcing expectations of interest rate hikes that kept dollar index upbeat. Meanwhile, investors also wait for the minutes of the Federal Reserves June meeting for additional insight into the policy outlook. INR opened at Rs 95.15 per dollar and hit a low of 95.19 so far during the day. Local equities are also seen in negative tracking global peers on concerns that the AI-fueled rally in chipmakers may be losing momentum. The Nifty 50 has fallen below 24,250 while the BSE Sensex has tumbled over 550 points, trading around the 77,60077,800 range. Yesterday, rupee appreciated 48 paise to close at 94.95 against the US dollar, on improved global risk sentiments as higher traffic flows through the Strait of Hormuz reduced supply uncertainties.
IndiGo, HPCL, other oil sensitive stocks plunge up to 5% as US strikes on Iran lift crude prices
Oil-sensitive Indian stocks tumbled significantly after US airstrikes on Iran. Crude oil prices climbed as sanctions on Iranian sales were reinstated. These events reignited concerns over Middle East stability and potential supply disruptions. Shipping through the Strait of Hormuz remains vulnerable, impacting global energy supply routes. Analysts expect oil inventories to stay under pressure until Gulf supplies resume.
Are bluechip stocks cheap and safe to invest in now? Radhika Gupta explains why the answer isn't so simple
Edelweiss Mutual Fund MD & CEO Radhika Gupta says investors should move beyond the belief that large-cap stocks are inherently safer, arguing India's evolving economy favours bottom-up investing across market caps. She remains optimistic about domestic inflows, advocates diversified portfolios with global exposure, and expects double-digit equity returns, while cautioning against relying on outdated market narratives.
Breakingviews - Worst global money exodus barely bruises India - Reuters
Breakingviews - Worst global money exodus barely bruises IndiaReuters
Gold, Silver Rate Today: MCX gold price falls near ₹1.45 lakh per 10 grams, silver eases amid escalating US-Iran war
Gold, Silver Rate Today: Gold and silver prices in India opened lower on MCX, following weakness in global bullion prices, as escalation in the tensions between the US and Iran in the Middle East stoked inflation fears and lifted dollar.
S&P flags risks to Indian microfinance lenders' $35 billion book
India's $35 billion microfinance sector faces fresh risks as weak monsoon forecasts and persistent inflation threaten rural incomes, increasing the likelihood of loan defaults. According to S&P Global Ratings, borrowers with loans from multiple lenders are already showing higher delinquency rates.
Hong Kong begins trial of central gold clearing system: What it means for India's bullion market
Hong Kong launches new gold clearing system, aiming to be a global hub. This initiative links with China's bullion market and impacts India's gold trade.
Crude oil prices jump 2% on escalating US-Iran war; Brent crude above $75 per barrel
US-Iran war: Brent crude, the global benchmark, for September delivery gained 1.9% to $75.53 per barrel.
Wall Street warms up to India as global investors return to markets with confidence - Telegraph India
Wall Street warms up to India as global investors return to markets with confidenceTelegraph India
Petrol, Diesel Prices On July 8: Check Updated Fuel Rates In Mumbai, Bengaluru, Chennai, Kolkata And More
While global crude prices have fallen over the past week amid easing geopolitical tensions and higher OPEC+ production, Indian consumers are yet to see any relief at the fuel pumps as petrol and diesel prices remain unchanged.
Big 4 scores a win as ICAI pauses 'global networking norms'
The Institute of Chartered Accountants of India's networking guidelines have been put on hold. Influential Big 4 firms lobbied the government against these new compliance rules. The guidelines introduced onerous compliance and penal provisions for local audit firms. The Ministry of Corporate Affairs also raised concerns with the ICAI. This development seems to have paid off for the global consultancies.
Trade Setup For July 8: Nifty Finds Key Support At 24,300 Amid Mixed Global Cues | Check Key Levels
Nifty on the charts for Wednesday.