Indian shares tumbled on Monday as
the Middle East war pushed crude prices higher and triggered a
flight to safe havens, weighing on investor sentiment.
The Nifty 50 fell 2.06% to 24,659.25 and the BSE
Sensex shed 3.38% to 78,543.73 as of 9:15 a.m. IST.
This is the steepest intraday drop for Nifty since February
1 and the Sensex since April 7, 2025.
Indian rupee depreciated against the dollar while
government bond yields rose after U.S., Israel strikes on Iran
raised the risk of protracted conflict in the Middle East.
All 16 major sectors logged losses. The broader small-caps
and mid-caps fell 3.8% and 3.4%,
respectively.
Oil marketing companies, paint and tyre makers, aviation
companies and chemical manufacturers all fell on rising crude
oil prices.
Crude surged more than 7% on Monday to the highest in
months.
Brent crude futures climbed to about $82.40 a barrel, their
highest in 14 months, in the first trading after the
U.S.-Israeli strikes on Iran over the weekend killed Tehran’s
Supreme Leader Ali Khamenei, jolting markets and deepening
uncertainty for the global economy.
Tehran said it has closed navigation through the Strait of
Hormuz, through which nearly 20% of global oil flows and over
40% of India’s crude imports transit, prompting governments and
refiners to assess oil stockpiles.