Indian markets slip, Sensex falls 316.50 amid West Asia tensions
Indian stock markets slid on Thursday morning, with the Sensex down 316.50 points and the Nifty losing 88.50 points.
The main reason? Rising oil prices and fresh geopolitical drama in West Asia made investors nervous, sending other indices like Nifty Bank and Smallcap 250 lower too.
Brent rises to around $96
Things heated up after Iran's Revolutionary Guards claimed control of the Strait of Hormuz and Yemen's Iran-backed Houthis announced a naval blockade of Saudi Arabia and claimed attacks on Saudi oil tankers, raising fears of disruptions to global energy routes.
As a result, oil prices jumped (Brent crude rose to around $96 a barrel), raising worries about higher inflation and import costs for India.
US indexes fall, VIX climbs
Market volatility picked up, with India's VIX index rising over 1%.
Negative signals from US markets didn't help: Nasdaq fell 0.57% and S&P 500 slipped 0.14%.
Among sectors, realty stocks took the biggest hit while media stocks managed a small gain.