Geopolitical Tensions Rattle Indian Markets Amid US-Iran Conflict

Indian stock markets opened on a weak note Monday, sharply reacting to escalating US-Iran tensions over the weekend. Both major indices faced intense selling pressure in early trading, with the Nifty 50 index starting at 24,939.75, down 172.65 points, and the BSE Sensex at 81,704.07, losing 704.10 points.

Experts suggest such geopolitical conflicts can become longer-term buying opportunities. Ajay Bagga, a market expert, noted that historically, these situations present good buying prospects. 'This conflict will likely be similar. It's not another world war, and having cash ready to deploy can be wise,' Bagga told ANI.

In commodities, Brent crude oil prices surged by over 1.4%, hitting USD 78.38 per barrel, amid concerns of disrupted supply through the crucial Strait of Hormuz. However, Union Minister Hardeep Singh Puri reassured that India's oil supply remains secure due to diversified import sources, with sufficient reserves available.

Globally, markets reeled following President Trump's announcement of US airstrikes on Iranian nuclear sites. Asian stock indices mostly fell, except for Hong Kong's Hang Seng. Analysts cautioned about potential asymmetric retaliation by Iran, keeping global markets and commodities on edge.

(With inputs from agencies.)