Stock market crashes amid war fears, Sensex falls 1600 points at open; Nifty drops 500 points
Indian stock markets crash as Sensex drops 1600 points and Nifty falls sharply amid rising US-Iran tensions and surge in crude oil prices.
Mumbai (The Uttam Hindu): Indian stock markets saw a sharp decline on Monday as rising tensions between the US and Iran and a sudden surge in crude oil prices triggered panic among investors. The failure of peace talks in Pakistan added to market uncertainty, reversing last week’s gains.
The BSE Sensex opened with a steep fall of over 1600 points, dropping from its previous close of 77,550 to around 75,937, and slipped further to nearly 75,868 within seconds of trading.
Similarly, the Nifty 50 on the National Stock Exchange declined करीब 500 points, opening at 23,589 compared to its previous close of 24,050.
Major stocks including IndiGo, Bajaj Finance, Asian Paints, and HDFC Bank were among the worst hit, witnessing heavy selling pressure in early trade.
The sharp fall is largely attributed to fears of a wider conflict in West Asia, which has pushed crude oil prices higher and raised concerns about inflation and global economic stability.