Sensex, Nifty slip as investors track US-Iran developments

India’s benchmark indices opened mixed on Wednesday as investors monitored escalating US-Iran tensions. The S&P BSE Sensex fell 141.90 points (0.19%) to 75,867.80, while the Nifty 50 dropped 6.55 points (0.03%) to 23,907.15, marking a second consecutive decline of 0.81% and 0.51% respectively. Stocks like ONGC (-4.94%), HDFC Bank (-2.54%), and ITC (-0.48%) dragged the Nifty lower, though broader midcap and smallcap indices rose 0.83% and 0.49% respectively. Market breadth remained positive, with 2,275 shares advancing on the BSE compared to 1,945 declines. The India VIX, a volatility gauge, dropped 7.12% to 14.98, signaling reduced near-term uncertainty. Meanwhile, the rupee strengthened marginally to 95.70 against the dollar, while MCX Gold futures fell 0.45% to Rs 156,194. Brent crude prices also declined 3.35% to $96.24 per barrel, easing some oil-related pressures. Global markets reacted cautiously to US-Iran developments, with US forces conducting self-defense strikes in southern Iran on Tuesday. Reports suggested the Pentagon targeted missile launch sites and Iranian vessels, raising concerns over a fragile ceasefire. US President Donald Trump stated negotiations with Iran were progressing but warned of potential offensive action if talks fail. Despite geopolitical jitters, US indices like the S&P 500 and Nasdaq hit record highs, driven by tech stocks, while the Dow Jones fell slightly. In India, Zee Entertainment Enterprises surged 10.49% after announcing Unite8 Sports, a new sports broadcasting venture featuring four dedicated channels in Hindi and English. The company is also in talks with FIFA for broadcasting rights for the 2026 World Cup. Timex Group India rose 13.07% following a blockbuster Q4 FY26 report, with net profit jumping 195.89% YoY to Rs 27.34 crore and revenue up 73.69% YoY to Rs 235.20 crore. Procter & Gamble Health climbed 10.53% after reporting strong Q4 earnings, with net profit rising 54.6% YoY. The domestic market will remain closed on Thursday for Bakri Id. Overseas, European shares rose as investors weighed Iran conflict updates and easing oil prices, while Asian markets ended mixed. The US Dollar Index (DXY) fell 0.09% to 99.08, and the US 10-year bond yield dropped 0.62% to 4.464.