The Business Today show highlights the severe impact of escalating US-Iran geopolitical tensions on global and Indian markets. Following the collapse of peace talks in Islamabad, the US announced a maritime blockade on Iranian ports in the Strait of Hormuz, causing Brent crude prices to surge by eight per cent. Consequently, Indian equity markets witnessed a massive sell-off, with the Nifty index plunging over 400 points and the Sensex tanking by 1,600 points in early trade. The Indian rupee also weakened significantly, dropping 55 paise to 93.28 against the US dollar. Domestically, the government hiked the windfall gains tax on the export of diesel and aviation fuel to ensure local availability. Additionally, Haryana’s decision to hike minimum wages by 35 per cent is expected to raise costs for major auto companies. Furthermore, bullion prices faced selling pressure, with gold and silver witnessing sharp declines. Market analysts suggest that while the current correction presents a buying opportunity, the ongoing geopolitical crisis continues to weigh heavily on investor sentiment.
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