Indian Stock Markets Plummet Amid Rising Oil Prices and US-Iran Tensions
Stock markets in India took a hit on Tuesday as rising oil prices and tensions between the US and Iran weighed heavily on investor sentiment.
The Sensex, India's benchmark stock market index, dropped by 382.25 points to 75,750.56 in early trade, while the Nifty declined by 97.80 points to 23,681.80.
Among the 30 Sensex firms, Mahindra & Mahindra, Trent, Sun Pharma, Axis Bank, ICICI Bank, and Tata Consultancy Services were among the major laggards.
Brent crude, the global oil benchmark, traded 0.54 per cent higher at $97.52 per barrel, adding to investor jitters.
Analysts pointed out that rising crude prices and renewed US-Iran hostilities kept risk appetite subdued, with Rajesh Palviya, Head of Research, Axis Direct, stating: 'Rising crude prices and renewed US, Iran hostilities kept risk appetite subdued.'