Stock market crash today: Continuing the down trend, Nifty50 and BSE Sensex, crashed in opening trade on Thursday with the US-Iran war showing no signs of stopping and oil prices climbing again. While Nifty50 went below 23,600, BSE Sensex was down over 900 points. At 9:16 AM, Nifty50 was trading at 23,592.00, down 275 points or 1.15%. BSE Sensex was at 75,950.65, down 913 points or 1.19%.Market analysts are of the view that indices are likely to remain volatile as investors track developments in the West Asia conflict, fluctuations in crude oil prices and sustained overseas selling.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “External headwinds have pushed the market into a weak zone. With the war continuing to rage with no signs of let up and Brent crude again bouncing back to $100 levels, the weakness is likely to persist. Even though DIIs are continuously buying in the market, DII buying is not helping the market to recover since FIIs are sustained sellers and show no signs of reversing their strategy in this uncertain global environment.” “For investors, markets can be very frustrating during certain times. This is one such time. The lesson from market history is that attitude and temperament are important in these trying times. Experiences from previous geopolitical conflicts tell us that markets bounce back smartly once the conflicts get over. Therefore, investors should remain invested and continue with systematic investment plans. Long term investors can use market weakness to slowly accumulate high quality bluechips across sectors. This is also the right time to churn portfolios in favour of high quality stocks.”Foreign portfolio investors continued to offload domestic equities, net selling shares worth Rs 6,267 crore during Wednesday’s session. Domestic institutional investors partly offset the pressure, emerging as net buyers to the tune of Rs 4,966 crore.US stocks ended lower on Wednesday as investors looked past a relatively mild inflation reading and instead focused on intensifying hostilities and the wider implications of the US-Israeli war on Iran.Asian stocks declined on Thursday, extending what has been a volatile week in global markets. A renewed rally in oil prices and increasing stress in the private credit market added to concerns among investors.Oil prices climbed in Asian trading even after authorities announced large releases of crude from strategic reserves aimed at easing prices following the Iran conflict.Meanwhile, gold prices edged lower on Thursday as a stronger US dollar weighed on the metal. (Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

MUMBAI: Reliance Industries (RIL) will bankroll the first new oil refinery project in the US in 50 years, marking one of its biggest overseas bets and a return to the American energy market after four years.America First Refining (AFR), the startup developing the refinery at the Brownsville port in Texas, said it received a “nine-figure investment from a global supermajor at a 10-figure valuation” in Feb but did not name the investor. “For the first time in half a century, the US will build a new refinery designed specifically for American shale oil,” said AFR chairman & founder John Calce.US President Donald Trump, announcing the refinery project on his social media platform Truth Social, named RIL as the investor and called the investment by India’s largest privately held energy company “tremendous”.This announcement comes after RIL exited the upstream oil and shale gas business in the US in 2021.Construction of the 168,000-barrels-per-day shale oil refinery is expected to begin in the second quarter of this year.

‘Opportunity for Indian co to enter US refining ecosystem’AFR also said the “same global supermajor” had signed a 20-year agreement to purchase the refinery’s output.The project is also expected to help narrow India’s trade surplus with the US, an issue that has long been a point of concern for Trump. “This is a historic $300 billion deal, the biggest in US history,” read Trump’s post on Truth Social.According to AFR, the figure reflects the long-term offtake arrangement under which the global supermajor will purchase 1.2 billion barrels of shale oil valued at $125 billion and 50 billion gallons of refined petroleum products such as gasoline, diesel and jet fuel worth about $175 billion. Combined, the transactions are expected to improve the US trade balance by $300 billion, it said.Analysts noted that the actual equity investment in the refinery itself has been described as a “nine-figure” sum, implying several hundred million dollars, while the project valuation is in the “ten-figure” range, indicating that the capital commitment is likely to remain below $1 billion.The Texas refinery will mark RIL’s second greenfield investment outside India. In 2021, the company announced a partnership with Abu Dhabi National Oil Company (ADNOC) to build a $2 billion petrochemicals plant in the UAE.Industry experts say the project could deepen economic cooperation between India and the US. M S Banani, joint managing director of Axiom Gas Engineering, a fuel station developer, said Texas is one of the world’s most important energy hubs, hosting major companies such as ExxonMobil, Chevron, Shell and BP.“Establishing a refinery there provides direct access to crude supply and one of the largest fuel markets globally,” Banani said. “RIL has extensive experience in processing heavy and sour crude at its Jamnagar refinery complex, which gives it a strong technical advantage in refining diverse crude grades, including those available from regions such as Venezuela.”From a business perspective, the investment represents an opportunity for an Indian company to enter the American refining ecosystem and potentially expand into fuel distribution and retail in the future, Banani added.“It reflects both the growing global presence of Indian industry and the strengthening strategic partnership between India and the US.”The development coincides with volatility in global oil prices driven by the intensifying conflict in West Asia. However, the announcement had little impact on RIL’s shares. At close of trading, the stock was down 1.3% at Rs 1,391 on the BSE. RIL did not comment on the announcement.