Benchmark indices witnessed a sharp decline on Monday as ongoing geopolitical tensions weighed heavily on global markets. Sensex and Nifty both plummeted during the early trading session amidst escalating concerns in the Middle East between Israel and Iran. The BSE Sensex saw a steep drop of almost 1 per cent, shedding over 600 points. Meanwhile, NSE Nifty also lost nearly 200 points, falling below the 22,500 mark.
At 9:40 am, Sensex was trading at 73,452.59, down by 792 points or 1.07 per cent. Whereas, Nifty was trading at 22,270.60 level, down by 248 points or 1.10 per cent.
On Saturday, Iran carried out a missile attack on Israel. The attack was reportedly in response to a suspected Israeli strike on Iran's consulate in Syria.
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It's the first time Iran has directly targeted Israel from its own territory, which might in turn lead to an escalation of the war in the Middle East between the latter nation and Gaza.
During an emergency meeting called by the UN Security Council on Sunday, United Nations Secretary-General Antonio Guterres cautioned against further escalation of conflict. But Israel called out for 'all available sanctions' to be imposed on Iran.
Nearly all sectors were in the red territory. Nifty Bank lost more than 600 points on Monday. Whereas the IT index, Nifty IT, remained highly volatile during the early trade session.
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On the global front, Japan's Nikkei index was down by more than 1 per cent. The Hang Seng Index followed the suit and witnessed a decline of nearly 0.75 per cent. Crude oil prices also took a sharp decline.
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