Stock Market update
The Indian stock market plummeted by 3% as tensions in the Middle East escalated. Global markets also appeared weak, with Japan’s Nikkei stock market index experiencing a record-breaking drop of 13%, the largest since 1987. The situation in the Middle East intensified when Iran announced its intention to retaliate against Israel. Although the USA attempted to stabilize the situation, Iran refused to back down.
If tensions in the Middle East continue to escalate, which seems likely, the crude oil market could see a significant spike in prices. This increase in crude oil prices could trigger inflation in many countries that are already facing instability.
Almost all sectors are in the red, with metal, auto, and PSU banks declining nearly 4%. The rest of the sectors fell by 3%. The market may experience further declines in the coming days.
