Indian markets tumble amid rising oil and Middle East tensions
The Indian stock market started Monday on a rough note, with the Sensex falling more than 700 points and Nifty slipping below 23,150.
Rising oil prices and fresh geopolitical conflicts in the Middle East have made investors nervous.
Weak trends in Asian markets and worries about a possible US interest rate hike added to the negative mood.
Brent crude rises 3.5% to $96.50
Brent crude surged by 3.5% to $96.50 per barrel after Iran launched missiles at Israel in response to Israeli airstrikes on Beirut.
This has sparked concerns about disruptions in oil supply and ongoing instability, especially as explosions were reported across several Iranian cities.
Rupee drops 17 paise against USD
Amid all this uncertainty, the rupee fell by 17 paise against the US dollar, reflecting how global tensions and strong US economic data are making riskier assets less attractive right now.