The Indian equity markets declined sharply on Monday amid renewed escalatory remarks by US President Donald Trump and Iran over the Strait of Hormuz and the nuclear issue. Both the BSE Sensex and Nifty 50 opened in the red due to heightened geopolitical uncertainty surrounding supply chain disruptions.
Minutes after the markets opened, the Sensex fell over 800 points while the Nifty was down over 200 points.
The NSE Nifty 50 slipped to 23,392 levels, down by 245.40 points or 1.04 per cent. The BSE Sensex opened around the 74,430.83 level, down by 807.16 points, or 1.07 per cent.
Meanwhile, the resistance level is below 23,700; weakness may continue towards 23,500-23,400. Resistance at 23,850 & 24,000.
For Bank Nifty, resistance is below 54,000, with downside towards 53,500-53,000, with support at 54,250.
Earlier, Brent crude opened 1-2 per cent higher in early trade following Trump’s warning.
The crude oil has now climbed to the $111 per barrel mark as US President Donald Trump warns the 'clock is ticking' for Iran.
The rupee has been in freefall since the past two weeks, as it witnessed further depreciation to a record low of 96.17 against the US dollar, against Friday’s close of 95.97 to a dollar.
Also read: Global economies brace as crude prices jump 8 pc in a week
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