Sensex Down 1,000 Points, Nifty Below 24,550 Amid Israel-Iran War; Nifty Oil Down 2%

Market Meltdown: Sensex Plunges 1000 Points Amidst Israel-Iran Conflict

Global tensions and domestic factors sent shockwaves through Indian markets Friday morning, with the Sensex and Nifty poised for a dramatic dive.

• Dramatic Drop: GIFT Nifty futures plummeted 299 points to 24,638, foreshadowing a significant gap-down opening for domestic equities.
• Israel-Iran Conflict: The escalating conflict between Israel and Iran is a major catalyst, triggering uncertainty and risk aversion among investors.
• Mixed Global Signals: While US markets closed positively on encouraging economic data, Asia-Pacific markets reacted negatively to reports of an Israeli strike on Iran.
• Indian Inflation: The release of better-than-expected May inflation data in India provided a counterpoint, but couldn't offset the geopolitical concerns.

The conflict's impact was immediate and significant:

• Oil Surge: Crude oil prices skyrocketed over 13%, hitting a two-month high, driven by fears of supply disruptions in the Middle East. Brent crude surged 12.82% to $78.25 a barrel, while WTI crude rallied 13.48% to $77.21.
• Gold Gains: Gold prices also saw a boost, reaching a one-week high at $3,387.99 an ounce, reflecting safe-haven demand amid geopolitical uncertainty.
• Asian Market Reaction: The Nikkei dropped 1.16%, Topix fell over 1%, Kospi declined 0.67%, and ASX 200 slipped 0.17% reflecting the negative sentiment.

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About the Author: Aparna Deb is a Subeditor at News18.com, specializing in business news. Her keen eye for detail and insightful reporting keeps readers informed on market trends and economic developments.

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