Stock Market News: Equity benchmark indices tumbled at the start of the session on July 23 after fresh attacks in the Red Sea pushed crude oil prices higher, raising concerns over global energy supplies.
The BSE Sensex fell as much as 410 points, or 0.53 per cent, to an intraday low of 76,344.67. The NSE Nifty 50 also slipped 120 points, or 0.50 per cent, to 23,876.20 in early trade.
The weakness came after Yemen's Iran-backed Houthi group claimed responsibility for targeting two Saudi oil tankers with drones and missiles. The group alleged that the ships had breached its blockade.
Earlier, the UK Maritime Trade Operations (UKMTO) reported that a vessel was hit by a projectile off Saudi Arabia's Red Sea coast near Al Shuqaiq, triggering a fire onboard. It did not name the ship involved.
These are the first reported attacks on oil tankers in the Red Sea. The incident has raised fears of disruptions to crude shipments through one of the world's busiest trade routes, pushing crude prices higher and weighing on investor sentiment across equity markets.
This is a developing story...
