India's Stock Market Plunges Amid Escalating Middle East Tensions
Image Source: Internet
Benchmark Indian equity indices plummeted on Monday due to rising crude oil prices triggered by escalating geopolitical tensions in the Middle East.
The Sensex dropped 1,561.71 points, or 1.92 per cent, to 79,725.48, while the Nifty fell 484.30 points, or 1.92 per cent, to 24,694.35 at 12:30 pm.
InterGlobe Aviation, Larsen & Toubro, Eternal, Adani Ports, Asian Paints, UltraTech Cement, and Reliance Industries were among the top laggards, while Bharat Electronics was the only gainer.
The Middle East conflict drives market volatility, with Brent crude falling 5.38 per cent to $76.79 per barrel.
Several countries, including Iran, Iraq, Israel, Syria, Kuwait, and the UAE, closed their airspace as a precaution, while Asian markets were mixed.
Experts warn that the uncertainty related to the war in West Asia will loom large over the market in the near-term, with the major risk being the energy risk arising from the surge in crude.
