Sensex tumbles 870 pts, Nifty below 23,400; Rupee hits new low of 92.40/$

The Indian benchmark indices opened lower amid negative global cues, driven by worries over a prolonged conflict between the US and Iran.

As of 10:00 AM, the Nifty50 was trading 1.24 per cent or 294.05 points down at 23,345.10, and the Sensex was trading 1.12 per cent or 882.93 points down at 75,151.49.

Iran’s Supreme Leader, Mojtaba Khamenei, said that the Strait of Hormuz must remain shut to put extra pressure on enemy forces in his first public statement.

Most markets in the Asia-Pacific region were trading with losses as the possibility of a protracted tension in the Middle East sparked fears of a weak economic outlook.

UltraTech Cement, Larsen & Toubro, InterGlobe Aviation, and HDFC Bank shares were the top losers in the Nifty50 index.

Broader markets fell in line with the benchmark indices. The Nifty MidCap and the Nifty SmallCap indices were trading 0.69 per cent and 1.09 per cent down, respectively.

Sector-wise, the Nifty Metal declined over 4 per cent to emerge as the worst performing sectoral index. The Nifty Auto and the Nifty PSU Bank also underperformed. The Nifty FMCG was best performing sectoral index.

Brent crude was trading above $100 per barrel despite paring gains after the US authorised the temporary purchase of Russian oil stranded at sea. The May future contract was trading 0.08 per cent higher at $100.54 on the Intercontinental Exchange. Earlier, it rose 0.51 per cent to $101.78 per barrel.

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