Sensex and Nifty Slump Over 1% Amid Escalating US-Iran Tensions

India's benchmark indices, Sensex and Nifty, plummeted over 1% on Monday due to escalating tensions between the US and Iran, which pushed crude oil prices higher. The Sensex dropped nearly 943 points, or 1.22%, to touch an intraday low of 76,384 during early trade, while the Nifty fell 280 points, or 1.15%, slipping below the 24,000-mark to 23,897.

The US-Iran conflict has triggered broad-based selling across sectors, with all major indices trading in negative territory. Brent crude prices rose above $105 per barrel, up 4.41% to $105.76, while US West Texas Intermediate (WTI) climbed 5.12% to $100.31 per barrel.

Market sentiment weakened after US President Donald Trump rejected Iran's response to a proposed peace deal, calling it 'totally unacceptable' in a social media post. Prime Minister Narendra Modi has also recently appealed for reduced consumption of fuel and other essential items due to growing concern over the current account deficit.