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Indian stock market witnessed a sharp decline as Sensex crashed 700 points and Nifty slipped amid rising US-Iran tensions (Img: Pinterest)
Mumbai: Indian equity markets witnessed a weak opening on Wednesday as escalating tensions between the United States and Iran triggered fresh concerns among investors. Global uncertainty and a sharp rise in crude oil prices weighed on market sentiment.
The benchmark indices started the September 2 trading session on a negative note. The Sensex declined nearly 700 points and opened at 76,471.32, while the Nifty dropped more than 200 points to open at 23,858. Most sectoral indices also traded under pressure, declining over 1% during early deals.
The latest escalation between Washington and Tehran pushed global crude oil prices higher. Brent crude traded close to $97 per barrel as concerns grew over possible disruptions in energy supplies.
The Indian rupee also remained under watch amid global volatility. It opened at 94.89 against the US dollar compared to the previous closing level of 94.95.
Market analysts said continued geopolitical uncertainty could keep pressure on Indian indices. Rising oil prices may impact inflation and economic projections, especially for an oil-importing country like India. However, domestic indicators such as GST data continue to provide some support to market sentiment.
Investors are closely tracking developments between the US and Iran as further escalation could impact energy markets, currency movement, and global equities. Market participants are expected to remain cautious until clarity emerges on the geopolitical situation.
