Market
Sensex plunges 1,500 pts as US-Iran ceasefire fails, oil surges
Mumbai/IBNS: The Indian stock market tumbled sharply on Monday as surging oil prices and fading hopes of a US-Iran ceasefire rattled investor sentiment, media reports said.
The ongoing West Asia conflict triggered broad-based selling, dragging the BSE Sensex down over 2 percent and the NSE Nifty 50 by a similar margin.
Market tanks
The Sensex plunged more than 1,500 points in early trade, while the Nifty dropped nearly 400 points, as geopolitical tensions spooked investors.
All major sectoral indices traded in the red, with PSU banks leading the losses, followed by banking, financials, and oil and gas stocks.
Defensive sectors such as pharma and healthcare saw relatively milder selling, though overall market sentiment remained weak.
US Army to blockade Iranian ports
Fresh tensions emerged after the United States Army announced it would begin a blockade of Iranian ports from Monday. However, it clarified that transit through the Strait of Hormuz to and from other countries would not be impeded, according to a BBC News report.
What did Donald Trump say?
US President Donald Trump further escalated rhetoric, saying he “does not care” whether Iran returns to the negotiating table.
Trump claimed the ceasefire talks collapsed because Iran refused to give up its “nuclear ambitions.”
Iran, however, blamed “maximalist demands” and “shifting goalposts” by the US for derailing the negotiations, which it said were close to a breakthrough.
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