Stock Market
Sensex, Nifty tumble as global tensions and Dow selloff rattle Indian markets
Mumbai/IBNS: The Indian stock market nosedived on Friday following heavy selling on the Dow Jones Industrial Average amid rising geopolitical tensions, media reports said.
At around 1:18 pm, the BSE Sensex was trading over 600 points lower, while the NSE Nifty 50 slipped by more than 170 points.
The sharp selloff came just a day after the market had recovered and ended Thursday’s session on a positive note.
Indian equities gave up their gains as heavy selling on Wall Street persisted, triggered by growing uncertainty in the Middle East amid the escalating conflict involving Iran.
Among individual stocks, IndiGo, ICICI Bank and Larsen & Toubro emerged as the biggest laggards during Friday’s trade.
Market uncertainty has deepened following concerns over global oil supply after Iran announced that the Strait of Hormuz would remain closed to the United States, Israel, Europe and their Western allies.
The statement, delivered by Iran’s Islamic Revolutionary Guard Corps through state broadcaster Islamic Republic of Iran Broadcasting on Thursday, has drawn global attention as the narrow waterway plays a crucial role in the movement of global energy supplies, including those vital to India’s economy.
The development follows several days of uncertainty surrounding the strait, one of the world’s busiest maritime corridors.
Meanwhile, US oil prices surged past $80 per barrel for the first time in more than a year amid the escalating conflict.
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