Indian benchmark stock indices, Sensex and Nifty, closed nearly 1 per cent lower following the collapse of US-Iran negotiations, which heightened concerns of a prolonged conflict in West Asia and drove crude oil prices sharply higher.
The United States and Iran are scheduled to hold their initial round of talks in Switzerland on Friday, following a ceasefire agreement virtually signed by US President Donald Trump and Iranian President Masoud Pezeshkian.
Prime Minister Narendra Modi addressed concerns about the impact of the West Asia conflict on India, assuring efforts to minimise its effects and prioritising the safety of Indian citizens working in the region. He also criticised the Congress party for making remarks that could endanger Indian lives for political gain.
Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
Indian benchmark indices Sensex and Nifty surged significantly in early trade, mirroring a global rally and a sharp decline in crude oil prices following the finalisation of a peace deal between the US and Iran to end their 107-day conflict and reopen the Strait of Hormuz.
India's compound archers secured a gold medal in the mixed team event and a silver medal in the women's team event at the Asia Cup-World Ranking Tournament Stage 1 in Bangkok, increasing their medal count to four.
Trump further alleged that Iran was behind the attacks on three vessels carrying Indian seafarers near the Hormuz Strait, which resulted in the deaths of three, despite the US Central Command having confirmed that the strikes were carried out by American naval forces, calling the incident "totally unacceptable."
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
India's wholesale price index (WPI) inflation surged to 9.68 per cent in May, up from 8.26 per cent in April, primarily due to significant increases in the prices of fuel and power, manufactured goods, and food items.
India's foreign secretary Vikram Misri on Thursday participated in a high-level meeting hosted by the United Kingdom on the evolving situation in West Asia, underlining concerns over maritime security, energy supply disruptions and the need for diplomatic de-escalation.
Indian benchmark indices Sensex and Nifty experienced a significant slump in early trade, mirroring a sharp decline in global equities and a fresh spike in crude oil prices, exacerbated by simmering tensions in West Asia and a global unwinding of the AI-led rally. Track how sensex, Nifty fared on June 8.
India's compound archers, led by Rajat Chauhan and Chikitha Taniparthi, dominated the Asia Cup World Ranking Tournament, while the recurve team faced disappointment.
President Droupadi Murmu presented the honours to eminent personalities and posthumous awardees for their exceptional contributions.
China and Pakistan have jointly proposed a five-point peace plan to address the ongoing conflict in West Asia, focusing on de-escalation and safe passage through the Strait of Hormuz.
Top leaders from the US, Iran, and Pakistan, along with other nations, have gathered in Switzerland for high-level talks aimed at restoring peace in West Asia. These negotiations follow a recently signed Memorandum of Understanding between the US and Iran, initiating a 60-day window for a deal. Discussions focus on Iran's nuclear programme and the fragile interim peace deal, amidst renewed tensions and the fluctuating status of the Strait of Hormuz.
Pakistan's Interior Minister Mohsin Naqvi visited Tehran for the third time recently to mediate peace amidst rising tensions between the US and Iran. Pakistan is actively leading diplomatic efforts to de-escalate the conflict in West Asia, which has impacted global energy markets and trade.
The Indian government has implemented several measures to mitigate external risks, support the balance of payments, and maintain macroeconomic stability amidst the ongoing West Asia crisis, according to Minister of State for Finance Pankaj Chaudhary.
Chief Economic Advisor V Anantha Nageswaran stated that India's economy is projected to return to a 7 per cent-plus growth trajectory by 2027-28 (FY28), or sooner if external conditions improve, despite near-term challenges from the West Asia crisis.
The start of the West Asia conflict has led to a sharp increase in crude-linked raw material prices, pushing up the price of helmets across the country.
He added that opposition parties were assured that their concerns regarding the impact of the West Asia situation on India and the safety of Indian citizens were addressed in detail.
Indian benchmark indices Sensex and Nifty experienced a decline in early trade, mirroring weak global market trends and persistent outflows from foreign institutional investors (FIIs), exacerbated by ongoing geopolitical uncertainties in West Asia.
Foreign Ministers from Saudi Arabia, Egypt, and Turkiye convene in Pakistan for a summit aimed at de-escalating the ongoing conflict in West Asia, with Pakistan actively seeking to broker peace through dialogue and diplomacy.
Prime Minister Narendra Modi and French President Emmanuel Macron discussed the escalating situation in West Asia, emphasising the importance of dialogue and diplomacy to restore peace and stability in the region.
The International Olympic Committee (IOC) Executive Board has officially approved the qualification system for cricket at the LA Olympic 2028, marking the sport's return after 128 years. The event will feature men's and women's T20 competitions with six teams each.
India's Ayush Shetty secured a spot in the Badminton Asia Championships final after defeating top seed Kunlavut Vitidsarn in a thrilling three-game match.
India is set to begin the international archery season with a mix of young talent and experienced archers at the Asia Cup Stage 1 in Bangkok, opting to test their squad depth ahead of the Asian Games.
'The real money in India over the coming period is likely to be made in small-cap stocks rather than in the large-cap benchmark names.'
India has strongly protested a US military strike on the commercial vessel Settebello off the Oman coast, which left three of the 24 Indian crew members missing. The US Central Command stated it disabled the Palau-flagged vessel for violating a blockade of Iranian ports.
An Indian national has been killed in Kuwait following Iranian strikes on a power and water desalination plant, bringing the total number of Indian fatalities in the West Asia conflict to eight.
Iran's Islamic Revolutionary Guard Corps (IRGC) on Sunday claimed it had destroyed eight US military infrastructures in Kuwait and Bahrain in a joint missile and drone operation, describing the strikes as retaliation for a second wave of US military attacks on Iranian targets.
The National Ice Hockey Championship has commenced in Dehradun, introducing Under-12 and Under-15 categories for boys and girls for the first time. The month-long event, organised by IHAI, aims to identify and develop young talent, inspired by the Indian women's team's recent success.
Indian ultra runners achieved remarkable success at the IAU 24H Asia and Oceania Championship in Japan, securing gold in the men's team event and a bronze in the women's team event. Amar Singh Devanda won gold in the men's individual event, setting a new national record.
The Indian government has convened an all-party meeting to discuss the ongoing crisis in West Asia, following Prime Minister Modi's address to Parliament on the situation and its potential impact on India.
While the West Asia conflict has led to a drop in patient footfalls, hospitals are seeing higher realisations as international patients increasingly travel for complex, high-end procedures.
US Special Envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi are reportedly heading to Switzerland for a new round of US-Iran negotiations, following a recently announced memorandum of understanding to end hostilities in West Asia and a ceasefire between Israel and Hezbollah.
US President Donald Trump has lauded a newly announced peace deal between the United States and Iran, predicting it will bring "peace and security" to West Asia and facilitate the reopening of the strategically vital Strait of Hormuz.
Prime Minister Narendra Modi held a virtual meeting with chief ministers to review preparedness and plans in light of the West Asia conflict, emphasising the importance of national unity and enhanced security measures.
The USS Tripoli, carrying around 3,500 US Marines, has entered the United States Central Command (CENTCOM) area of responsibility, marking the deployment of one of America's largest amphibious assault ships into an active combat theatre in West Asia amid the ongoing conflict.
US Vice President J D Vance is currently in Switzerland, leading critical technical talks with Iran to advance diplomatic efforts on Iran's nuclear programme and secure a lasting ceasefire in Lebanon, following a recently signed memorandum of understanding aimed at de-escalating West Asian hostilities.
Analysts predict that developments in West Asia and their impact on crude oil prices will heavily influence investor sentiment in the upcoming week. Global market trends, foreign investor activity, and rupee-dollar movement will also play a role.
