Indian equities tumble at market open as oil prices surge and global markets slide amid escalating Iran conflict
Indian benchmark stock indices plunged at the opening bell on Monday, tracking sharp losses in global markets as geopolitical tensions in the Middle East rattled investor sentiment.
The BSE Sensex dropped more than 2,000 points in early trade, while the Nifty 50 slipped below the psychologically significant 24,000 level.
Market weakness followed a sharp fall in the GIFT Nifty, an early indicator of Indian market performance, which declined 2.3% to 23,761.50.
Oil prices surge amid geopolitical tensions
The sell-off in equities came as global oil prices surged above $105 per barrel amid the ongoing conflict involving .
Higher crude prices typically weigh on India’s markets as the country is one of the world’s largest oil importers.
Asian markets tumble
The sharp decline in Indian equities mirrored losses across Asia.
Japan’s Nikkei 225 plunged 6.05%, falling below the 53,000 level, while South Korea’s Kospi dropped 6.5%.
Australia’s S&P/ASX 200 also fell 3.68% in early trading.
Markets extend Friday’s losses
The latest decline follows a weak close on Friday when the Sensex had already fallen more than 1,000 points, while the Nifty settled near the 24,450 mark.
Analysts say markets are likely to remain volatile in the near term as investors track developments in global geopolitics and energy prices.
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