Commodities
India's Stock Market Crashes as Iran-US Tensions Escalate
Indian stock markets plunged sharply lower on Wednesday due to renewed military tensions between the US and Iran. The BSE Sensex fell nearly 700 points in the opening minute, while the Nifty 50 dropped around 200 points.
The sharp decline came after a fresh escalation in the Iran-US conflict, with both sides exchanging strikes overnight. Crude oil prices surged as markets reacted to the latest escalation, with Brent crude rising about 2% to $96.60 a barrel, reaching a near-six-week high.
Investors turned cautious amid fears that higher oil prices could fuel inflation and complicate interest-rate decisions. The GIFT Nifty futures stood at 24,033.5 points at 7:38 am, signalling a weak start for the Nifty 50.