Stock market continues downward slide, Sensex falls over 2,200 points amid West Asia conflict
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The Indian stock market on Monday continued its slide amid concerns relating to the conflict in West Asia.
As of 9.55 am, the benchmark Sensex index had fallen more than 2,200 points or 2.8%. The Nifty had also fallen by 2.8% below the 23,800-mark.
The market had begun to slide on March 2 after the conflict began.
The India VIX index, which measures volatility in the market, had spiked more than 21.1% at 9.35 am on Monday.
Major Asian stock indices also fell on Monday morning. Hong Kong’s Hang Seng index had plummeted about 2.5% as of 9.35 am Indian time.
While Japan’s Nikkei tanked 6.9%, South Korea’s Kospi fell 7.9%.
Rupee plunges 47 paise
The Indian rupee also weakened on Monday, opening 47 paise lower at 92.20 against the US dollar. The currency had closed at 91.74 on Friday.
This came as the global oil prices crossed $100 a barrel on Monday, the highest since July 2022. The oil prices have risen by about 20% since Israel and the United States attacked Iran on February 28. The escalating tensions have raised fears of disruption to shipments through the Strait of Hormuz.
The narrow waterbody connects the Gulf to the Arabian Sea. About 20% of global petroleum liquids consumption traverses the maritime chokepoint.
On March 2, Iran claimed that the Strait of Hormuz was “closed” for shipping traffic, warning...