Indian markets near 6 month lows on US Iran tensions
Indian stock markets took a hit on Tuesday, with the Sensex and Nifty sliding close to six-month lows.
The main pressure? Oil prices shot up to $106.7 a barrel, amid continued concerns over Middle East supply disruptions due to the US-Iran conflict, after tensions in the Middle East flared up between the US and Iran.
Since India relies heavily on imported oil, this has everyone worried about higher inflation and bigger import bills.
Sensex fell over 1,100 points Monday
The Sensex dropped over 1,100 points to 72,771.72 on Monday as global worries triggered heavy foreign selling: foreign investors pulled out ₹53.53 billion, while domestic buyers tried to soften the blow by picking up ₹51.89 billion worth of shares.
Meanwhile, Adani Group stocks faced extra scrutiny after minor penalties for not disclosing enough information; Tata Trusts made headlines with a merger move aimed at preventing a listing driven by India's central bank.
All these twists kept market vibes pretty tense heading into the week.