The stock markets in India opened 1.8% lower on Monday as US President steered clear of mentioning any deadline for the Iran war to end.
The BSE Sensex nosedived nearly 1,400 points (1.99%) to 71,766 while in the Nifty 50 plummeted 453 points (2%) to 22,226 in early trade.
According to Reuters, all the 16 major sectors declined with heavyweight financial institutions and banks losing 1.6% each.
The broader small-caps fell 1.5% and mid-caps tanked by 1.2%, respectively.
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Other Asian markets dropped 2% after Trump said US’s “core strategic objectives” in the Iran war were nearing the finish line. While many had expected Trump to lay out a timeline for ending the war, he did not; his speech offered a window into the complexity of the conflict the US has found itself in after more than a month of fighting.
Global oil prices jumped with the benchmark Brent crude trading at over $105 per barrel soon after Trump’s address to Americans, where he underlined oil production capacities of the US and Venezuela, and called for countries to buy oil from the US.
Hailing US’s oil production capacity, Trump said, without accounting for the millions of barrels it is receiving from Venezuela, “Because of our ‘Drill, Baby, Drill’ program, America has plenty of gas, we are the number one producer of gas and oil on the planet, we have produced more gas and oil than Saudi Arabia and Russia combined, and that number will soon be substantially higher than that.”
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