Sensex Crumbles Over 300 Points as Geopolitical Tensions Rise
Indian benchmark indices opened on a bearish note Tuesday, with the Sensex sliding over 300 points and the Nifty below the 24,300 level due to elevated crude oil prices and renewed geopolitical concerns.
Brent crude climbed to $91 per barrel while WTI topped $85 after President Trump's statement that he would not extend the US-Iran memorandum and threatened military action against Oman over alleged interference in the Strait of Hormuz.
The Indian Rupee weakened by 17 paise yesterday, hitting a two-week low, as the Reserve Bank of India shortened the deadline for its discounted forex swap facility for non-resident deposits, raising concerns about future dollar inflows.