Sensex falls 626 and Nifty slips 184 amid oil fears
Business
Indian stock markets slid on Monday, with the Sensex dropping 626.40 points and the Nifty down 184 points, after worries about surging oil prices shook investors.
The trigger? Rising tensions between the US and Iran, which sparked fears of a global oil supply crunch.
The trigger? Rising tensions between the US and Iran, which sparked fears of a global oil supply crunch.
Iran closes Strait, Brent hits $79.12
Iran said it had once again closed the Strait of Hormuz (a key route for world oil shipments) after a weekend of missile and drone attacks.
This pushed Brent crude up more than 4% to $79.12 per barrel.
Since India imports about 85% of its oil, experts warn that pricier crude could mean higher inflation and steeper import bills here.
The market's volatility index (India VIX) also jumped more than 10%, showing just how uneasy investors are right now.
If oil keeps climbing, deeper drops in stocks could follow.
This pushed Brent crude up more than 4% to $79.12 per barrel.
Since India imports about 85% of its oil, experts warn that pricier crude could mean higher inflation and steeper import bills here.
The market's volatility index (India VIX) also jumped more than 10%, showing just how uneasy investors are right now.
If oil keeps climbing, deeper drops in stocks could follow.