Indian Markets Close Lower Ahead of Iran Sanctions

The Indian equity markets closed lower on Monday, with the NSE Nifty50 index slipping below 24,200 before recovering to end at 24,219. Analysts expect volatility on Tuesday due to upcoming US sanctions on Iran and possible responses from Tehran.

Several companies are in focus due to key corporate developments. Hindustan Copper is set to sell 3% equity through an offer for sale, with an option to sell another 3% in case of oversubscription. The floor price for the OFS is Rs 514 per share, a 10% discount to the last closed price.

Tata Consultancy Services announced a five-year strategic deal with Porsche AG and MHP Management-und IT-Beratung GmbH, worth €1.25 billion. ICICI Bank priced $1 billion senior unsecured fixed-rate notes at 10:45 am IST on Monday under its $7.5 billion Global Medium Term Note Programme.

Piramal Finance has opened a proposed issue after receiving approval from its Committee of Directors (Administration, Authorisation & Finance), with a floor price of ₹2,102.65 per equity share.