Indian Stock Market Plunges Amid Rising Oil Prices and West Asia Tensions

Rising crude oil prices and the escalating conflict in West Asia sent shockwaves through the Indian stock market on Monday, pulling it deep into the red.

The Sensex 30 index plummeted to 77,043.16, down from its previous day's close, while the Nifty 50 index dropped to 24,082.25.

The sharp decline was attributed to several factors, including the increase in US Federal Reserve interest rates and negative cues from Asian markets.

Crude oil prices surged more than 2% higher on Monday after news of a US-Iran conflict broke out, with Brent crude futures climbing $2.51 (2.85%) to reach $90.61 per barrel.