Indian Markets Tumble Amid US-Iran Tensions; Oil Prices Soar

Indian stock markets opened lower due to rising US-Iran tensions pushing Brent crude prices over $90 a barrel. Sensex dropped over 500 points, with Nifty trading around 24,200. Meanwhile, Indian rupee weakened slightly against the dollar amid forecasts of prolonged supply disruptions in the Middle East.

Indian benchmark indices took a hit on Monday, opening significantly lower as geopolitical tensions between the United States and Iran intensified, sending Brent crude prices soaring beyond the USD 90 mark per barrel. Consequently, both Sensex and Nifty commenced the week with a gap-down opening, with Sensex dipping over 500 points while Nifty hovered around the 24,200 level.

The Nifty index stood at 24,208.50, a decline of 125.80 points or 0.52 percent, while the Sensex was recorded at approximately 77,613.16, dropping 538.29 points or 0.69 percent at the time of reporting. Key gainers on the BSE included Tech Mahindra, ICICI Bank, and SBI, whereas HDFC Bank and Hindustan Unilever were among the major losers.

Sectoral performance saw Nifty Private Bank emerge as the biggest loser, falling 2.31 percent, trailed by Nifty Realty with a 1.24 percent drop. Despite broad market indices generally trading in the red, Nifty IT and other sectors like Pharma and Metal showed resilience by trading positively. Brent crude oil was priced at USD 90.21 per barrel during the report, raising concerns over possible prolonged supply disruptions in the Middle East amid escalating tensions there.