US strikes Iranian tankers after missile attacks; Tata Motors and Mazagon Dock focus on Monday
Indian equity markets faced pressure as the US attacked Iranian oil vessels following a ballistic missile strike. Tata Motors and Mazagon Dock Shipbuilders are among companies set for Monday corporate updates.
Indian equity markets remained under pressure through the week, with the Nifty 50 closing at 23,897.70 after extending its losing streak to four consecutive sessions. Shares of oil marketing companies are expected to be in focus on Monday because the US struck three Iranian oil tankers following ballistic missile attacks by Iran's Islamic Revolutionary Guard Corps on two US Navy ships. Mazagon Dock Shipbuilders announced it received a Rs 118 crore purchase order from Maharashtra State Electricity Transmission Company Limited for grid transmission projects, though this represents only a portion of its recent activity. Tata Motors and several other companies are likely to remain in focus after key corporate developments scheduled for Monday. While Ponmudi R, CEO of Enrich Money, noted that a sustained close above 24,200 is needed to improve near-term technical structure, the broader setup remains weak with the index below key moving averages.
