Market sinks 1300 points, rupee crosses Rs 94 per us dollar

Guwahati: The Indian equity markets continued its losing streak as the conflict in West Asia weighed heavily on investors sentiments pulling the Sensex down by more than 1300 points in the initial hours of trading on Monday.

The Sensex, which closed at 74,532.96 on Friday, opened at 73,732.58 and fell to 73,231.48 — down 1,301.48 points or 1.75 per cent — by 9.32 am.

The NSE Nifty 50, which ended the previous session at 23,114.50, opened at 22,824.35 and slid further to 22,700.65, a loss of 413.85 points or 1.79 per cent, at the same time.

The selloff was triggered by a sharp deterioration in global risk sentiment after United States President Donald Trump issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz, a critical global oil transit route.

Crude oil surged to the centre of the crisis. Brent futures were at $107.87 per barrel, up 1.37 per cent, while WTI crude rose 0.89 per cent to $99.10 per barrel as of 9:16 am.

On the Multi Commodity Exchange, April crude oil futures traded at Rs 9,360, up 1.10 per cent from the previous close of Rs 9,258.

The Indian rupee depreciated beyond the Rs 94 per US dollar mark in offshore trade for the first time, compounding pressure on the equity market.

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