Nifty Down Over 150 Points, Sensex Tumble Over 600 Points: Losses Extended On Fresh West Asia Tensions

 Indian stock markets extended its fall on April 23 after oil prices rose further on account of fresh tensions in West Asia. Investors remained risk averse due to ongoing geopolitical tensions despite the US extending ceasefire with Iran.

The benchmark Nifty was trading 156.26 points lower at 24,221.85. Meanwhile, the Sensex tumbled 628.45 points to 77,888.04 in early trade. Overnight, US markets gained as it reacted to the extension of ceasefire. However, Asian markets traded mixed as pressures from crude oil prices persisted and as they assessed incoming geopolitical news.

Tensions in the Strait of Hormuz persisted, with Iran reportedly targeting and seizing vessels, while the US continues its blockade in the region. Fresh escalation in tensions led crude oil prices to rise above $100 per barrel. Brent crude oil futures were currently trading at $103.32 per barrel, rising nearly 1.5 per cent from previous session. The Indian rupee also extended its losses falling 94.13 against the US dollar tracking the rise in crude oil prices.

“While the ceasefire extension has improved near-term geopolitical sentiment, tensions persist as the US naval blockade on Iran continues and disruptions in the Strait of Hormuz remain unresolved... Volatility is expected to remain high on account of the geopolitical tension and rising crude oil prices,” Bajaj Broking said in a note.

(This is a developing story. More updates to follow)