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Informist, Thursday, Jun. 11, 2026

By Arundathi A R

MUMBAI – The new exchange of attacks between the US and Iran is expected to pull down the benchmark equity indices Thursday. The GIFT Nifty levels signalled a lower opening for the equity market after US President Donald Trump warned of further attacks on Iran if no peace deal is reached soon. Crude oil prices also climbed over 1% to $94 a barrel from Wednesday's low of $90 a barrel. All Asian equity indices also tumbled in early trade amid the escalation of the war in West Asia.

According to media reports, the US launched new strikes against multiple targets in Iran overnight. The US military's Central Command announced the strikes were completed about four hours after they began, shortly after midnight in Tehran, Reuters reported. "The strikes are in response to Iran's unwarranted and continued aggression," Reuters reported, citing Central Command.

Iran's Islamic Revolutionary Guards Corps said retaliatory strikes have been launched against US forces in the region, specifically mentioning bases in Kuwait and Bahrain, Al Jazeera reported, citing Iranian news reports. Iranian news agency Mehr reported that the military has ordered the complete closure of the Strait of Hormuz for all vessels, including oil tankers and commercial vessels, according to an Al Jazeera report.

Trump Wednesday told Fox News that strikes would stop shortly but that he would "bomb the shit out of them" if Iran's leaders did not sign an agreement with the US immediately, Reuters reported. Wednesday, Trump warned the US military is preparing to strike again, claiming, "They've taken too long to negotiate a deal that would have been great for them; now they will have to pay the price."

At 0734 IST, Brent crude oil August futures contract was over 1% higher at $94.40 a barrel. Trump Wednesday told reporters that he "loved" inflation when asked about the US government's consumer inflation data for May, Reuters reported. "When it's over, you will see oil drop to where it was before," Trump said. "It's coming down. It's going to come down like a rock," Reuters said, citing Trump.

Demand and production of liquefied natural gas have been negatively affected since the war broke out between the US and Iran, with the commodity structurally impacted, said Claudio Galimberti, chief economist at Rystad Energy, in Mumbai. According to him, LNG's demand, especially in Asia, may rise going forward, but at a slower pace than before the war began.

"Once the crude oil cools off, you can see a lot of foreign portfolio investors tend to turn positive towards India," Kranthi Bathini, equity strategist at WealthMills Securities, said. Wednesday, foreign investors net sold shares worth INR 21.25 billion. The selling came down from the INR 45.66 billion on Tuesday. Meanwhile, domestic investors continued buying. They net bought shares worth INR 31.24 billion on Wednesday. 

At 0803 IST, the GIFT Nifty June futures contract was marginally lower at 23049.50. This was 165 points lower than the Nifty 50's previous close of 23214.95. "Technically, the Nifty index has been going through a consolidation range (23000-23500 spot levels)," Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. "A decisive close below 23000 spot levels could drag the index towards 22700 and lower levels in the immediate near term. Conversely, sustained trading above 23500 spot levels could lead it towards a sustainable recovery."

Among Asian markets, South Korea's KOSPI logged a nearly 2% loss in early trade. Taiex, Topix First Section, and Hang Seng Index were down over 1% each. In the US market, all three major indices settled almost 2% lower each on Wednesday.  End

US$1 = INR 95.265

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Saji George Titus

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