Stock market crashes amid Iran war uncertainty
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The stock market crashed on Thursday with no end in sight for the conflict in West Asia.
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The benchmark Sensex index had fallen more than 1,500 points or 2.1% as of 10.10 am. The Nifty had sunk nearly 500 points, or 2.1%.
The stock market has fallen sharply since March 2 amid concerns about surging energy prices and economic uncertainty.
The India VIX index, which measures volatility in the market, spiked 4.4% on Thursday.
Major Asian stock indices also continued their fall on Thursday. As of 9.25 am Indian time, Hong Kong’s Hang Seng index was down 1.1%, South Korea’s Kospi had crashed 3.9%, Japan’s Nikkei 2.2% and China’s Shanghai Composite 0.5%.
Currency
The value of the Indian rupee improved marginally on Thursday after the Reserve Bank of India imposed additional measures to curb speculative activity, Reuters reported.
The Indian rupee was trading at 93.2 against the United States dollar in early trade on Thursday amid a continued outflow of foreign funds and falling stocks. It had briefly fallen past a record low of 95 on Monday.
Energy prices
Global oil prices have increased by more than 50% since the conflict began. The price of benchmark Brent crude spiked by to nearly $106 per barrel on Thursday after US President Donald Trump’s address did not indicate an immediate end to...