Stock Market
Sensex, Nifty tumble amid oil price surge triggered by West Asia tensions
Mumbai/IBNS: India’s equity benchmarks extended their losses on Thursday morning as heavy selling followed the opening bell amid rising crude oil prices triggered by the escalating West Asia conflict, media reports said.
The BSE Sensex traded about 500 points lower through most of the morning session, while the Nifty 50 slipped over 150 points, falling well below the 23,800 mark.
On Wednesday, the Sensex had closed more than 1,300 points lower at 76,863.71, while the Nifty 50 ended at 23,866.85, down 394.75 points.
Meanwhile, in a major diplomatic relief for India amid the Middle East crisis, Iran has allowed Indian oil tankers to pass through the Strait of Hormuz, easing concerns over a potential crude supply disruption for the country.
Iran reportedly granted the exemption following talks between India’s External Affairs Minister S. Jaishankar and his Iranian counterpart Abbas Araghchi, India Today reported citing sources.
India has reportedly joined countries such as China and Russia that have been exempted, even as the United States, Europe, and Israel continue to face restrictions in the strategic waterway.
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