Indian Market Plunges Amidst US-Iran Tensions and Soaring Oil Prices
The Indian stock market suffered losses on Wednesday due to escalating US-Iran tensions and higher oil prices. The Nifty ended below the 23,950 mark, led by auto and IT shares, while oil & gas stocks gained.
Oil prices surged above $95 a barrel as Brent crude crossed $94.87 a barrel in October 2026 settlement. Global bond yields also rose, adding to pressure on equities.
The S&P BSE Sensex declined 373.90 points or 0.49% to 76,570.35 and the Nifty 50 index lost 141.35 points or 0.59% to 23,914.45.
Major drags on the Nifty included Mahindra & Mahindra (down 2.12%), HDFC Bank (down 1.56%) and ICICI Bank (down 0.80%). The broader market also weakened, with midcap and smallcap indices falling over 0.5% each.
The US-Iran tensions have intensified concerns over energy-driven inflation and the outlook for global growth. Higher oil prices have also contributed to a global bond selloff.