Indian equity markets opened sharply lower on Thursday, with the Sensex and Nifty taking a nosedive amid surging crude oil prices and weak global cues. The BSE Sensex plunged 1,500 points or 2.08 per cent to 71,601.22 by 9:16 am after opening at 72,262.05, while the Nifty 50 fell 437.75 points or 1.93 per cent to 22,241.65.
Other Asian markets also declined by over 1.2 per cent after US President Donald Trump said American forces were nearing completion of their “core strategic objectives” in the Iran war.
The ongoing hostilities, which began on February 28, have created deep uncertainty in global markets and could push them into turbulent waters in the coming days.
Market analysts noted that global markets will close on Friday just as the United States is expected to launch a fresh wave of airstrikes on Iran, with trading resuming only on Monday. This week’s movement is likely to set the tone for stock markets over the next two to three weeks, experts added.
Precious metal prices could also see volatility due to rising crude oil prices, declining investor sentiment, lower demand, and a stronger US dollar.
On Wednesday, US markets fell 0.67 per cent, and European futures declined 0.1 per cent after Trump warned that the US would strike Iran “extremely hard” over the next two to three weeks.
Oil prices climbed more than $4 per barrel on Thursday after Trump said the United States would continue attacking Iran, including energy and oil targets, without committing to a specific timeline to end the war.
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