Stock Market
Sensex crashes over 500 points as West Asia tensions trigger market panic
Mumbai/IBNS: The Indian stock market extended its losses on Wednesday, with the BSE Sensex plunging over 500 points at the opening bell amid rising geopolitical tensions in West Asia and a sharp spike in crude oil prices.
The NSE Nifty 50 also slipped nearly 0.69 percent to 24,229.
Although the benchmark indices recovered some of the early losses, the Sensex continued to trade nearly 500 points lower during the session.
Oil prices surge
Investor sentiment remained weak as crude oil prices climbed following escalating tensions in West Asia.
Brent crude rose 2.75 percent to $76.18 per barrel, while West Texas Intermediate (WTI) for August delivery gained 2.87 percent to $76.46 per barrel.
Global cues weigh on sentiment
Asian markets also opened lower on Wednesday after the United States launched fresh strikes on Iran, triggering concerns over regional stability and the security of global energy supplies.
The heightened geopolitical uncertainty prompted investors to adopt a cautious approach, adding further pressure on equity markets.
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