Sensex and Nifty tumble amid U.S.-Iran Strait of Hormuz tensions
Indian stock markets tumbled on Friday as tensions between the US and Iran heated up near the Strait of Hormuz.
The Nifty dropped 150.50 points to close at 24,176.15, and the Sensex fell 516.33 points to close at 77,328.19.
Investors were clearly spooked by all the uncertainty in West Asia, leading to a rough day on Dalal Street.
Oil tops $100 rupee hits ₹94.67
It wasn't just stocks feeling the heat: oil prices shot up past $100 a barrel, pushing the rupee down to ₹94.67 against the US dollar.
Even Bitcoin took a hit, briefly falling below $80,000 as investors played it safe.
On a brighter note, Citi initiated a "Buy" coverage on India's power utilities sector thanks to rising electricity demand, expansion in the renewable space, and grid storage, while Hero Realty secured fresh funding for new homes despite market jitters.