US-Iran Flare-Up Fuels Oil Spike, Sensex Nifty Dive Over 3%
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Monday’s Indian stock open turned nightmarish as US-Iran tensions boiled over, propelling crude prices up 21% and battering Sensex and Nifty by more than 3%. Flight to safety dominated, with oil supply fears amplifying the global risk-off mood.
Sensex shed 1,862 points at open to 77,056.75 (prev: 78,918.90); Nifty dropped 582 to 23,868.05 (prev: 24,450.45). By 9:28 AM, Sensex stood at 76,514.48 (-3.05%), Nifty 23,723.05 (-2.97%).
No escape for broader indices: Midcap -3.07%, Smallcap -3.18%. PSU Banks plunged >4%, Auto -3.99%, Bank -3.87%, Fin Svc -3.75%, FMCG -2.14%; IT -1.06%.
Sensex laggards: IndiGo, SBI, L&T, Tata Steel, Maruti, Asian Paints, Axis, M&M. Brent’s surge to $112 followed Iran’s Hormuz closure after ship attacks; Kuwait/UAE/Iran output curbs intensified crunch.
Trump: Oil hike is ‘small price for peace.’ Hitesh Tayal (Choice Broking) flags Nifty weakness via weekly charts under 50-week EMA. Resistance 24,700-25,150, support 23,850/23,600; sub-23,500 bearish.
FIIs dumped ₹6,030 cr on Mar 6, DIIs absorbed ₹6,972 cr. Stay cautious, prioritize strong balance sheets. Bull case: Nifty sustained >25,000 breakout.
