Asian markets slip as oil climbs on Iran-US tension; Indian IPOs launch

The GIFT Nifty signaled that the Nifty50 would likely open on a tepid, negative note, trading at 23,118.50, down 69 points. Across Asia, equity markets retreated, with South Korea's Kospi slipping 2.07% and mainland China's CSI 300 falling 1.24%, as rising energy costs heightened inflation concerns and fed speculation of further US Federal Reserve rate hikes. Brent crude rose more than 1% to $106 per barrel after Iran stuck to its seven-day plan to reopen the Strait of Hormuz, while Washington offered no concrete reply.

Gold and silver futures declined, and US indices had closed modestly higher the previous Friday. In India, a slate of IPOs opened or entered later subscription days, including SRIT India, Shah Investor's Home, Acme Universal Safezone 9, Shivchem Agro, Pind Hospitality, Snapdeal, Orient Cables, German Green Steel, Runwal Enterprises, Bench Mark, Shree TNB Polymers, Dudani Retail, Himalayan Solar, Sai Urja Indo, Moneyview, A-One Steels, Green Asia Impex, Peshwa Wheat and Roopa Screen.