As the Middle East conflict enters its tenth day, Indian stock markets are experiencing severe volatility. Since the war began on 2nd March, the Sensex has fallen from 81,287 to 77,563, a decline of 3,724 points, while the Nifty has dropped from 25,000 to approximately 24,000. Investor wealth worth lakhs of crores has been wiped out, with losses of seven lakh crore rupees on 2nd March, ten lakh crore rupees on 4th March, and three lakh crore rupees on 6th March. The primary trigger is the sharp rise in crude oil prices, with Brent crude surging to $119.50 a barrel, nearly doubling in three months. The Strait of Hormuz remains heavily disrupted, choking global oil supplies. For India, which imports over 85 percent of its crude oil, rising prices directly impact the economy through expensive petrol and diesel, pressure on the rupee, and rising inflation. The Indian crude basket price has jumped from around $68 a barrel to $99 before Monday’s spike.
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