Global Stock Market Heatmap Today: Dow, Nasdaq, Nikkei, Hang Seng, Nifty - Top Gainers & Losers

Major equity markets around the world have gained in double digits so far this year, barring a few, like India's Nifty 50, Sensex and Hang Seng, led by excellent corporate earnings, huge investments in artificial intelligence (AI) and semiconductor technologies, and a resilient global economy.

The Indian stock market, however, has lost over 7 percent largely due to an outflow of Foreign Institutional Investors (FIIs), and investors' sentiment has been dampened after the US and Israel declared war on Iran early this year, while hopes of a peace deal remain timid.

Still, the Dow Jones, Nikkei, FTSE, DAX, etc. have all gained this year so far despite the ongoing US-Iran war, crude oil fluctuations, inflation on an uptick, or any other domestic pressures. Markets just don't rely on fundamentals anymore.

"The tariff fears in 2025 and then the Iran war in 2026 were key buying opportunities in equity markets. Yet, the overwhelming fear exhibited by investors in these periods largely meant they sold off risk assets in an emotional and irrational response," Luke Templeman, thematic strategist at Deutsche Bank, wrote in a research note.

"Investors are loathe to consider the upside in bad times and the downside in good times. Thus, when sudden events change, market drops can be more aggressive than expected."

Indian Market Outlook: Strait of Hormuz to LPG - A Long Twisted Road

The Nifty 50 and Sensex have lost between 7% and 8% this year so far, driven by global uncertainties, including the closure of the Strait of Hormuz, which sent crude oil prices soaring. In turn - in the domestic market, LPG prices rose, and at one point, there was a scarcity of cylinders.

Oil marketing companies and the Indian government have revised the LPG cylinder booking rules over the past five months significantly. From LPG refilling and booking to surrendering, a host of rules have been imposed for households and commercial cooking gas, including piped natural gas (PNG).

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Currently, the dilemma remains. Trump says Hormuz remains open while Iran says it is closed. If history has to be repeated, closure of the straits might lead to a correction in the Indian stock market. The Dalal Street is weighing in on the possibility of further weakening of the rupee and more outflows of FIIs.

"Investors have had to navigate through many odds in H1 2026, including volatile equity markets and bond yields are hardening. With oil currently receding to pre-Middle East conflict levels, we expect high single-digit to double-digit growth to kick in, with the earnings upgrade cycle paving the way for earnings compounding to begin," according to analysts at Standard Chartered.

"We remain Overweight Indian Equities, with a preference for Large-caps, Financials and Consumer Discretionary. An improving earnings outlook amid lower oil prices should support Indian equities performance."

From crude oil to capital flows, every headline on Hormuz now has the potential to move Dalal Street.