Mumbai: The BSE Sensex plunged 839.29 points to 74,398.70 in early trade on Monday. The NSE Nifty dropped 255.10 points to 23,388.40.
WTI crude futures rose above $107 per barrel on Monday, extending last week’s rally as concerns over global oil supplies intensified. Stalled US-Iran peace negotiations and the continued near-shutdown of the Strait of Hormuz kept markets focused on potential supply disruptions.
The dollar index rose above 99.3 on Monday, reaching its strongest level in six weeks as inflationary pressures linked to the Middle East conflict strengthened expectations that the Federal Reserve could raise interest rates later this year.
Silver traded below $77 an ounce on Monday after plunging more than 13% during the previous two sessions, pressured by rising expectations of tighter global monetary policy.
Gold traded below $4,550 an ounce on Monday after tumbling nearly 4% last week, as rising inflationary pressures linked to the Middle East energy shock strengthened expectations for tighter central bank policies.
This is a developing story…
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