The S&P BSE Sensex was trading 598 points or 0.83% lower at 71,890. Nifty50 was trading at 21,814, down 181 points or 0.82% at around 9.18 am.

The market capitalisation of all listed companies on BSE declined by Rs 2.95 lakh crore to Rs 389.94 lakh crore.

From the Sensex pack, Infosys was the top laggard, experiencing a nearly 3% decline. This drop followed the firm’s forecast of annual revenue below expectations, which came after reporting March quarter revenue that fell short of analyst estimates. Meanwhile, NTPC, L&T, Axis Bank, and Power Grid also opened lower.

On the sectoral front, Nifty IT, Media, PSU Bank, Realty, and Auto fell over 1% each.

Experts View
“Reports of the feared escalation of the Iran-Israel tensions have spooked the markets. Distinct weakness in Asian markets and sharp cuts in US futures reflect heightened nervousness in equity markets,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.”There are headwinds from the bond markets, too. The sharp spike in US bond yields triggered big FII selling which touched Rs 4260 crores yesterday. More FII selling can be expected in the near-term putting pressure on largecaps,” Vijayakumar added.
Deven Mehata, Research Analyst at Choice Broking, said, “Nifty can find support at 21,700 followed by 21,600 and 21,500. On the higher side, 22,000 can be an immediate resistance, followed by 22,050 and 22,100.

Global Markets
Asian shares and bond yields sank on Friday while safe-haven currencies, gold and crude oil jumped. MSCI’s broadest index of Asia-Pacific shares dived 2.3% and U.S. stock futures pointed 1.5% lower following media reports that Israeli missiles had hit a site in Iran.

FIIs remain net sellers
Foreign portfolio investors (FPIs) sold a net Rs 4,260 crore worth of Indian stocks on Thursday. They offloaded Rs 15,763 crore of shares in the previous three sessions.

Domestic institutional investors have been net buyers for seven sessions in a row.

Oil jumps over 3%
Oil prices surged more than three percent in early Asian trade on Friday following unconfirmed reports of explosions in Iran, Syria and Iraq, sparking fears of an escalation of the Middle East crisis.

West Texas Intermediate jumped 3.66% to $85.76 and Brent rose 3.44% to $90.11 a barrel.

Rupee drops to record low
The Indian rupee opened to a record low on Friday as investors to exit risk assets and lap up safe havens. The rupee opened at 83.5550 to the U.S. dollar, weakening past 83.5475, its previous record low, and down from 83.5375 on Thursday.

(With inputs from agencies)

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