Indian Stocks Slide as Gulf Tensions Spike Crude Prices

The Indian stock market faced losses, with Sensex dropping over 560 points and Nifty settling near the 24,000 mark amid escalated US-Iran tensions. Crude oil prices surged, affecting investor sentiment. Although key sectors suffered, some stocks like Bharti Airtel and Sun Pharma ended in the green.

The Indian equity markets experienced a significant downturn during Tuesday's trading as the Sensex plunged by over 560 points and the Nifty settled around the 24,000 level. This decline came amid escalating tensions in the Persian Gulf, sparked by intensified US-Iran conflicts, which pushed crude oil prices to a one-month high and triggered widespread selling across sectors.

Sensex closed at 77,054.94, down 561.46 points or 0.72 per cent, while Nifty ended in the red at 24,052.05, declining by 158.95 points or 0.66 per cent. Sectoral losses were led by Nifty Realty, PSU Banks, Auto, and Financial Services, each dropping over a per cent, whereas the Pharma sector traded positively, surging over one per cent.

In the commodities market, Brent crude was at USD 86.59 per barrel, marking a resurgence to levels not seen since June 15. Meanwhile, gold prices touched a two-week low as investors braced for key US inflation data. Despite this volatility, experts like Riyank Arora at Hedged.in remain cautiously optimistic, emphasizing a 'buy-on-dips' strategy as long as key support levels hold.