Opening Bell: Nifty 50, Sensex Fall Sharply as West Asia Tensions Push Brent Crude Above $90
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The Indian benchmark indices, Nifty 50 and Sensex, declined sharply as investors turned cautious amid rising geopolitical tensions in West Asia.
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The Indian benchmark indices, Nifty 50 and Sensex, declined sharply as investors turned cautious amid rising geopolitical tensions in West Asia. The escalation of the U.S.-Iran conflict triggered concerns over higher crude oil prices and its impact on global inflation and economic growth.
Brent crude prices crossed the USD 90 per barrel mark on the Intercontinental Exchange as the U.S. continued its ninth consecutive night of strikes against Iranian targets. Reports also indicated a casualty during the latest military operations, adding to market uncertainty.
The July Brent crude futures contract was trading at USD 90.29 per barrel, rising 2.5 per cent, as traders assessed the potential impact of prolonged geopolitical tensions on global energy supplies.
Meanwhile, concerns increased after U.S. investigators recovered unidentified remains near the site of an Iranian attack in Jordan, which had earlier resulted in the deaths of two U.S. personnel. The developments further intensified worries about a broader conflict in the region.
Precious metals witnessed profit booking, with gold futures declining 2.3 per cent and silver futures falling 5 per cent during trading.
Disclaimer: The article is for informational purposes only and not investment advice.