India’s stock market opened lower today and is headed for its biggest monthly loss in six years as the escalating Iran war reduces risk appetite.
By 9:15 am, Nifty 50 fell 1.18% to 22,549.65 points and BSE Sensex fell 1.38% to 72,565.22. All 16 major sectors incurred losses at the open. Broader small-caps and mid-caps fell 1.2% and 1.3%, respectively.
Asian shares fell 1.9%. Brent crude is hovering around $114 a barrel and headed for a record monthly rise amid broader turmoil.
The US-Israel war over Iran has entered its fifth week and spread across the Middle East, with Yemen’s Iran-aligned Houthis launching attacks on Israel over the weekend and raising fears of disruption to shipping lanes around the Arabian Peninsula and the Red Sea.
The Nifty 50 and Sensex have fallen about 10.5% each in March, heading for their worst month since March 2020, due to higher crude oil prices and record monthly foreign outflows of nearly $12.3 billion.