Stock Market Crash Today LIVE: Sensex tanks over 2300 points, Nifty below 24,000 as Brent crude oil price crosses $100
Stock Market Crash Today LIVE: Indian stock market benchmark indices Sensex and Nifty 50 traded with sharp cuts, tracking a broad sell-off in global markets after crude oil prices surged above $100 per barrel amid escalating tensions in the US-Iran conflict.
Rising geopolitical risks in the Middle East have triggered sharp volatility across commodities and equities worldwide, raising concerns about energy supply disruptions and the potential impact on global economic growth.
Sensex opened 1,862 points lower at 77,056.75 but extended losses to its day’s low of 76,573.01, crashing 2,345.89 points. Meanwhile, Nifty 50 opened at 23,868.05, down 583 points. It also hit its day’s low of 23,739.2, tanking 711.25 points.
Oil surge and precious metals volatility
Escalating hostilities between the United States and Iran pushed crude oil prices sharply higher as traders feared tighter supply conditions and potential disruptions to shipments through the Strait of Hormuz, one of the world’s most critical oil transit routes.
Crude oil prices climbed to their highest level since July 2022, with benchmarks breaching the $100 per barrel mark for the first time in nearly three years and touching a 52-week high.
Brent crude jumped over 25% to above $116 per barrel, extending the sharp 28% rally registered last week. The move reflected growing concerns that shipping through the Strait of Hormuz, one of the world’s most critical oil transit routes, could face prolonged disruptions.
Meanwhile, precious metals saw significant volatility during Asian trading hours on Monday, March 9.
Spot gold declined 2.12% to $5,049 per ounce, while spot silver prices dropped 3.51% to $81.34 per ounce. Overall, gold and silver prices fell as much as 3.5% as investors adjusted positions amid heightened geopolitical tensions.
Asian markets crash
Asia markets also witnessed a sharp sell-off on Monday, with several benchmark indices plunging as much as 6% as surging oil prices triggered a broad risk-off sentiment among global investors.
Japan’s Nikkei 225 fell 6.22%, slipping below the 53,000 mark for the first time since February 6, while the broader Topix index declined 5.27%.
South Korea’s Kospi dropped 6.68%, prompting authorities to temporarily halt trading in Kospi 200 futures after volatility surged.
The South Korean market had already witnessed extreme turbulence last week. On Wednesday, a circuit breaker was triggered when the benchmark index plunged more than 12%, marking its worst single-day decline.
Apart from the surge in crude oil prices, markets also reacted to remarks from US President Donald Trump, who downplayed the recent spike in oil prices.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, are a very small price to pay for USA, and World, Safety and Peace,” Trump wrote on social media on Sunday evening.
Track this space for LIVE updates on the stock market crash today