Sensex Fell 788 Points on Monday As US-Iran Tensions Rise

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As tensions between Iran and the US escalate, equity indices extended losses on Monday. Oil prices continued to surge over worries of its supply disruption and falling margins. Expectations of rise in global crude oil prices have hit India badly as the nation is one of world’s largest importers of the commodity.

The benchmark BSE sensex plunged 788 points or 1.90 per cent to close at 40,677; while the broader NSE Nifty moved 234 points or 1.91 per cent lower to settle at 11,993.

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Except for IT stocks, which  the drew benefits from sharp decline in the value of rupee against the US dollar, all other sectoral stocks were smeared with heavy losses.

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Last week, Friday, The Indian rupee lost over 25 paise against the US dollar and surpassed the Rs 72 a dollar mark while Gold prices sparked of to a record high of Rs 41,030 per 10 gram.

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Iran on Sunday said it will no longer abide by any of the limits imposed by 2015 nuclear deal, hinting towards military conflicts. Iraq’s parliament too urged its leaders to expel troops from the US-led coalition after the US killed the high profile Iranian General Qassem Suleimani.

Whereas US President Donald Trump went on a tweeting spree.

“They (Iran) attacked us, & we hit back. If they attack again, which I would strongly advise them not to do, we will hit them harder than they have ever been hit before!”

“If Iran attacks an American Base, or any American, we will be sending some of that brand new beautiful equipment their way…and without hesitation” he added.

The drone attack on Saudi Aramco’s oil facility in September 2019 was the first such major strike, allegedly by Iran on Saudi oils which had hit the global stock market hard. The markets settled down soon. Now ,the US killing of Iranian Major General Qassim Suleimani in an air strike, becomes a chord of disturbance for the stock market.

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Lariba Ashfaq Ahmed
Lariba, a literature student at Kamala Nehru College, is a bibliophile and an outgoing personality. She always strives to back every instance with reason but is a dreamer as well. Quite a rare combo.Her Best - friends are Coffee and Amitav Ghosh books. Dive deeper into Lariba's perspective of things. Check out her work.

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