Stock Market
Stock market shock: Sensex wipes out early gains as oil prices surge after Trump’s ‘nasty’ Iran threat
Mumbai/IBNS: The Indian stock market surrendered its early gains on Thursday as rising global oil prices and fresh geopolitical tensions weighed on investor sentiment, media reports said.
Benchmark indices had opened strongly in morning trade, with the Sensex surging over 600 points and the Nifty climbing nearly 0.9 percent.
However, the momentum faded by afternoon trade.
The Sensex slipped sharply to trade around 200 points lower, while the Nifty turned negative and was down nearly 30 points.
Defence, Realty And Media Stocks Shine Early
Among the key sectoral gainers during the opening session were the Nifty India Defence Index, which rose 1.72 percent, followed by Nifty Realty and Nifty Media, both gaining around 1 percent.
Oil Prices Spike After Trump’s Iran Warning
The market lost steam after crude oil prices surged again following fresh remarks by US President Donald Trump regarding Iran.
Trump said the United States was in the “final stages” of a deal with Iran, but warned Washington could do “something a little bit nasty” if Tehran refused to sign the agreement.
The comments reignited concerns over geopolitical tensions and energy supply risks, triggering volatility across global markets.
Brent Crude Crosses $105 Per Barrel
Brent crude reportedly traded around $105 per barrel despite declining 5.6 percent in the previous session.
Rising crude prices are closely watched by Indian investors as higher oil costs can fuel inflation, widen the trade deficit, and increase pressure on sectors dependent on fuel imports.
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