Stock market slide continues amid Iran war uncertainty
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The stock market continued its slide on Monday amid concerns surrounding the conflict in West Asia and surging energy prices.
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The benchmark Sensex index had fallen by more than 500 points or 0.7% as of 9.30 am. The Nifty had sunk 0.6%, or by nearly 150 points.
Stock markets had begun to slide on March 2 after the conflict began.
The India VIX index, which measures volatility in the market, spiked 5.5% on Monday.
Major Asian stock indices also continued their fall on Monday. As of 9.25 am Indian time, Hong Kong’s Hang Seng index was down 0.9%, South Korea’s Kospi had fallen 2.9% and Japan’s Nikkei 3.5%. The China’s Shanghai Composite recovered 0.2% after opening the session in the negative.
Rupee slides
The value of the Indian rupee improved marginally on Monday after the Reserve Bank of India tightened restrictions on onshore position limits, amid weeks of foreign funds outflow and falling stocks.
The Indian currency was trading at 93.8 against the United States dollar on Monday. It had fallen to a record low of 94.82 when the session ended on Friday.
On Friday, the Indian central bank directed banks to limit their net open rupee positions in the foreign exchange market at $100 million by the end of each business day, Reuters reported.
Global energy prices
Global oil prices have increased by more than 50%...