Indian Markets Plunge Amid Escalating US-Iran Tensions
The Indian stock market began the trading day on August 31 on a lower note due to escalating US-Iran tensions and rising oil prices.
The Nifty declined over 100 points, opening at 24,117.55, while the Sensex fell over 250 points, starting at 77,130.73. All sectoral indices began the day lower.
Crude oil prices jumped more than 2% with Brent Crude trading above $90 per barrel after Iran's Islamic Revolutionary Guard Corps launched a combined missile and drone attack on US military targets in Jordan.
According to G. Chokkalingam, Head of Research at Equinomics Research, 'the escalation in the conflict between the US and Iran is a cause for concern for domestic markets today.' He also mentioned that global crude oil prices have already increased by over 15% from their one-month low.