VK Vijayakumar said that the escalation of the US-Iran conflict and the consequent 5 per cent spurt in Brent crude overnight to $96 is a negative for markets.
Escalating West Asia tensions kept oil prices elevated and triggered broad-based selloff in domestic equities, pushing benchmark indices to multi-month lows and erasing ₹21.5 trillion in market value
Indian markets logged their steepest fall in eight months as a US-Europe stand-off over Greenland, weak corporate earnings and stalled India-US trade talks deepened investor risk aversion
Weakness in index heavyweight Reliance Industries and banking and financial stocks was what dragged indices lower even as IT stocks, without much success, tried to cushion the fall