Domestic stocks may slide on reports of Israel strikes on Iran

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 95 points at the opening bell.

On the political front, India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting today, 19 April 2024 and ending on 1 June 2024. The Lok Sabha elections 2024 results will be declared on 4 June 2024.

Global markets:

Overseas, Asian stocks are trading lower on Friday as reports of Israeli strikes on Iran further ramped up concerns over worsening geopolitical conditions in the Middle East. Israel, early Friday morning local time, launched missiles in a retaliatory strike against Iran, as per reports. The missile launches follow Iran`s attack last Saturday.

U.S. stocks closed mixed on Thursday in another jittery day of trade, as investors focused on rising bond yields and uncertain oil prices.

Domestic markets:

Back home, domestic equity market experienced significant volatility on Thursday, extending their losing streak to a fourth consecutive day. The barometer index, the S&P BSE Sensex, slipped 454.69 points or 0.62% to 72,488.99. The Nifty 50 index lost 152.05 points or 0.69% to 21,995.85. In four trading sessions, the Sensex shed 3.40% while the Nifty 50 declined 3.33%.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,260.33 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,285.52 crore in the Indian equity market on 18 April, provisional data showed.

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