The benchmarks opened sharply lower on Wednesday morning, weighed down by a surge in crude oil prices after fresh US military strikes on Iran and the revocation of a waiver that had allowed Iran to sell crude in global markets, triggering a risk-off mood among investors.The Sensex, which closed at 78,180.72 on Tuesday, opened at 77,816.45 and was trading at 77,793.61, down 387.11 points or 0.50 per cent, at 9:17 am. The Nifty 50, which closed at 24,398.70, opened at 24,259.55 and was trading at 24,275.80, down 122.90 points or 0.50 per cent at the same time.Crude oil futures surged sharply in morning trade. September Brent futures were at $76.09 per barrel, up 2.60 per cent, while August WTI futures traded at $72.29, up 2.63 per cent. On the Multi Commodity Exchange, July crude oil futures were at ₹6,886, up 2.70 per cent against the previous close of ₹6,705, while August futures were at ₹6,893, up 2.51 per cent against ₹6,724."Crude oil prices have rebounded sharply, climbing back above the $70 per barrel mark after recently slipping to a low near $67... markets price in the possibility of renewed supply disruptions in the Middle East," said Ponmudi R, CEO of Enrich Money.Pharma and energy stocks led the gainers on the Nifty 50. Dr Reddy's Laboratories opened at ₹1,357.00 and was trading at ₹1,377.20, up 1.67 per cent. ONGC rose 0.87 per cent to ₹246.31 from its previous close of ₹244.18, a move analysts attributed directly to the crude oil spike. Cipla gained 0.82 per cent to ₹1,463.70 against a previous close of ₹1,451.80, while Sun Pharma added 0.73 per cent to ₹1,917.30 from ₹1,903.40. Max Healthcare rose 0.49 per cent to ₹1,123.90 from ₹1,118.40.On the losing side, Shriram Finance fell the most, dropping 2.34 per cent to ₹1,041.80 from its previous close of ₹1,066.80. IndiGo slipped 2.01 per cent to ₹5,286.50 from ₹5,395.00, with higher crude directly pressuring aviation costs. Asian Paints fell 1.60 per cent to ₹2,687.80 from ₹2,731.40, Bajaj Finance dropped 1.36 per cent to ₹1,028.30 from ₹1,042.50, and Eicher Motors declined 1.34 per cent to ₹7,435.00 from ₹7,536.00."The renewed escalation has revived concerns over regional stability and global energy supplies, which could dampen investor sentiment, trigger a risk-off move, and lead to profit-booking after the recent rally," Ponmudi added.The weak opening was widely anticipated. "Nifty is expected to open sharply lower around 24,200, down nearly 200 points, indicating a weak start following negative global cues and overnight developments," said Gaurav Udani, Founder of ThinCredBlu Securities. "The market is likely to remain highly news-sensitive, with global developments continuing to influence sentiment... traders should avoid aggressive positions at the open and wait for confirmation before initiating fresh trades."Global cues offered no comfort. Wall Street ended lower overnight, with the Nasdaq dragged down by a sell-off in semiconductor stocks following Samsung's earnings update and reports of DeepSeek developing its own AI chip. Asian markets mirrored the weakness. South Korea's KOSPI tumbled on AI chip worries, while regulators there stepped in to monitor volatility."Global cues have turned less supportive... Brent crude has edged higher to around $75 per barrel after renewed geopolitical tensions near the Strait of Hormuz, although expectations of adequate OPEC+ supply continue to limit the upside," said Rajesh Palviya, Head of Research at Axis Direct.On the technical front, Palviya noted that the near-term bias remains cautious as long as Nifty trades below the 24,450 resistance zone. "Immediate support is placed at 24,200, and a sustained breach could trigger a move towards the key psychological level of 24,000," he said.Hitesh Tailor, Research Analyst at Choice Equity Broking, said the index has entered a consolidation phase ahead of quarterly earnings. "...the 24,300–24,200 zone is expected to act as immediate support, while 24,000 remains a crucial support level for the ongoing uptrend," he noted, adding that despite the soft start, momentum indicators including an RSI at 63.02 and MACD sustaining above signal lines keep the medium-term outlook positive.Bank Nifty also remained under pressure after falling 91 points in the previous session. Analysts placed immediate support at 57,800–57,500 and resistance at 58,800–59,200.On the broader global front, the European Central Bank warned that growth remains fragile and asked banks to strengthen AI cyber defences. Japan reported a fifth straight month of real wage growth, though inflation moderated the pace. In India, the rupee strengthened in early trade, while SEBI was reported to be planning easier short-selling norms.With Foreign Institutional Investors having turned net buyers over the past few sessions, market participants will closely watch whether that momentum holds. "Sustained foreign inflows will remain a key factor in determining the market's ability to absorb global headwinds," Ponmudi saidPublished on July 8, 2026