Sensex plunges as rupee hits new low amid Middle East tensions
Sensex plunges as rupee hits new low amid Middle East tensions
Indian markets reel as global sell-off hits; Sensex and Nifty plunge, rupee at fresh lows, and oil prices stay elevated amid escalating US-Iran tensions.
Mumbai — Indian stock benchmarks slumped on Monday as global risk-off sent shockwaves through markets. The Sensex slid roughly 1,800 points at the open, while the Nifty traded lower, as investors grappled with renewed Middle East tensions, rising crude prices, and persistent foreign fund outflows. \n\nAnalysts said elevated oil prices due to the ongoing US-Iran conflict weighed on sentiment, and a weaker rupee added to import costs and inflation worries. Market participants watched oil benchmarks stay firm and global cues stay volatile. \n\nThe rout was broad-based, with shares in energy and financials among the hardest hit, and even IT and consumer plays facing selling pressure. Early in the session, market capitalization of listed companies narrowed, with estimates around Rs 416.98 trillion in value slipping as trading continued. \n\nDespite the bleak opening, traders cautioned against knee-jerk selling and flagged chances for selective bargains as volatility could create opportunities for patient investors. With the week ahead likely to bring further headlines on geopolitical developments and central-bank responses, the market mood remains fragile but not devoid of risk-off recovery scenarios.
