Indian Stock Markets Plummet Amid Geopolitical Tensions and High Crude Oil Prices
Stock markets in India closed lower on Monday due to simmering geopolitical tensions and elevated crude oil prices. The benchmark equity indices, Sensex and Nifty, declined 171.72 points and 32.95 points respectively.
The Sensex settled at 77,369.11 while the Nifty ended at 24,219.05. Among the 30 Sensex firms, Adani Ports, Bharat Electronics, Bajaj Finance, and Tata Consultancy Services were among the laggards. Tata Steel, HCL Tech, Infosys, and Hindustan Unilever were among the major winners.
Brent crude, the global oil benchmark, dropped 1.68 percent to $92.80 per barrel. Market experts attributed the decline in stock markets to renewed concerns over the Middle East and selling in banking and financial stocks.
Investors remained cautious ahead of fresh US sanctions on Iran, with Washington promising an 'economic D-Day' against Tehran and its trading partners. Iranian officials threatened to halt Gulf oil exports in response, keeping investors wary of further escalation.