Indian equity markets opened with deep cuts as crude oil prices spiked nearly 26 percent, with Brent crude crossing $110 per barrel, the highest since June 2022 during the Ukraine war. The Nifty 50 tumbled 750 points, down 2 percent, while the Sensex fell 2,300 points. Asian markets also witnessed sharp declines, with Tokyo and Seoul down 7 percent. The rupee opened at 92.2 to the dollar, slumping 46 paise. Gold and silver saw profit booking, with gold down 1,200 rupees and silver slipping 3,000 rupees. Oil and gas analyst Narendra Solanki noted that the Strait of Hormuz, the biggest choke point for the global economy, ‘has never been closed’ but is now ‘as good as closed.’ He warned that India, importing 89 percent of its oil requirement, has reserves for only about 40 days. Banks, financials, auto, metal, and real estate sectors witnessed sharp cuts.
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