Stock market tanks, rupee sinks amid West Asia conflict
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The Indian stock market on Monday tanked steeply as it opened for the first time since the conflict in West Asia began on Saturday.
As of 10.10 am, benchmark index Sensex had fallen more than 960 points or 1.2%. The Nifty had also fallen by 1.1% below the 24,900-mark.
Investors had lost Rs 8 lakh crore when the market opened before the benchmark indices recovered marginally, according to Mint.
Major Asian stock indices also plunged on Monday morning. Hong Kong’s Hang Seng index had plummeted about 1.5% as of 10.10 am Indian time.
While Japan’s Nikkei tanked 1.4%, South Korea’s Kospi fell 1%.
The India VIX index, which measures volatility in the market, had spiked more than 17% at 10.10 am on Monday.
As of 10.10 am, the Indian rupee had sunk to 91.3 against a United States dollar from the closing point of 91.08 on Friday.
On Saturday, Israel and the United States launched a joint operation in Iran to degrade the capabilities of the Iranian government. Iran retaliated to the attacks and said that the US-Israeli operation had begun while the nuclear negotiations were on.
The attacks came amid tensions between the three countries over Tehran’s nuclear programme. Washington acts as a guarantor of Israel’s security. Israel has been claiming that Iran is “closer than ever” to obtaining a nuclear...