Stock Market Opening Bell: Nifty 50 Tanks 0.59%, Sensex Plummets 0.60% - Here's Why

Stock Market Opening Bell: The Indian stock market benchmark indices opened lower on a subdued note on Monday, July 20, following global cues such as escalating tensions between the US, and Iran, coupled with Brent crude oil surging over $90 per barrel, dampening risk appetite.

While Nifty 50 declined 0.59% to 24,191.65 level, Sensex fell 0.60% to 77,684.79 level. 

Traders are expected to react to the June quarter earnings of index heavyweights and the indices are seen moving in tandem with that.

Over the weekend, about four banks and Reliance Industries, which together hold over 34% weightage in the Nifty 50, detailed their results.

Further, traders may also factor in the fresh spike in crude oil prices to $90 a barrel, after the US attacked Iran for the second week since the former ended the truce. The July contract of GIFT NIFTY was sharply lower on Monday, indicating a negative open for the market.

Also Read: Axis Bank Q1 Results: Net Profit Surges 23% YoY to Rs 7,114 Crore

Meanwhile, Asian equities traded lower in early deals, while Wall Street ended last weak on a weak noted as result of selling pressure weighing in on investor sentiment.

Asian equities traded lower in early deals, while Wall Street ended last week on a weak note as selling pressure in semiconductor stocks weighed on investor sentiment.

On Friday, however, domestic equities ended sharply higher, supported by strong buying in heavyweight stocks ahead of the ongoing June-quarter earnings season. The BSE Sensex surged 964.58 points (1.25%) to close at 78,151.45, while the Nifty 50 rallied 261.55 points (1.09%) to settle at 24,334.30.