Sensex Drops Over 750 Points, Nifty Dips Below 24,900 As Iran–Israel War Escalates
Indian markets opened sharply lower on Monday, June 23, reacting to the U.S. airstrikes on Iran’s nuclear facilities and Iran’s missile response against Israel. The BSE Sensex plunged around 800 points (0.97%) to approximately 81,608, and the Nifty50 fell about 200 points (0.81%) to near 24,909 by 9:30 a.m. IST .
Mid- and small-cap segments mirrored the downturn, with Nifty MidCap down ~0.6% and SmallCap down ~0.6% . All 13 major sectors started in the red as global risk appetite waned .
The sell-off followed a sharp jump in crude prices—Brent oil surged nearly 2.6% to over $79/barrel—amid concerns over supply disruptions via the Strait of Hormuz .
Safe havens gained traction: gold futures climbed ~3% to $3,379/oz, while the U.S. dollar strengthened, denting gold’s appeal .
Asia-Pacific stocks also slumped, with Japan’s Nikkei down 0.58%, South Korea’s Kospi down 1.16%, and Australia’s ASX 200 down 0.76% . On Wall Street, futures for the Dow, S&P 500, and Nasdaq 100 fell by ~0.3–0.4% in early Asian trade .
Analysts warn crude could climb further if Iran retaliates militarily or disrupts tanker routes. Geojit’s Anand James noted that Nifty’s rally near 25,000 faces resistance, with limited downside expected if 24,865 holds; however, a break below 24,440 could turn sentiment negative . Mint reported foreign institutions bought ₹7,941 crore on Friday, though renewed volatility may curb inflows .
Rising oil prices strain India’s import bill, exacerbate inflation, and weigh on growth. Heat-sensitive sectors like airlines, paints, and oil marketers may see pressure. A spike above $100/bbl risks derailing the RBI’s easing path
Technically, with Nifty struggling below 25,000 and rising uncertainty globally, short-term volatility is expected. However, if the Middle East shock calms without further escalation, markets may stabilise .
