Stock market crashes further as West Asia conflict intensifies

The stock market crashed on Thursday amid concerns surrounding the conflict in West Asia and surging oil prices.

The benchmark Sensex index fell more than 1,700 points, or 2.2%, and was trading just under the 75,000-mark at 12.10 pm. The Nifty had also fallen 2.2%, or by more than 520 points, to about 23,250 points.

Stock markets had begun to slide on March 2 after the conflict in West Asia began. However, the market had risen significantly between Monday and Wednesday.

The India VIX index, which measures volatility in the market, spiked 14% on Thursday.

Major Asian stock indices fell on Thursday. As of 12.15 pm Indian time, Hong Kong’s Hang Seng index had sunk 2% and Shanghai’s composite index 1.6%. While Japan’s Nikkei had tanked 3.3%, South Korea’s Kospi fell 2.5%.

Rupee at record low

The Indian rupee slumped to a record low of 92.6 against the United States dollar at closing on Wednesday amid concerns about the rising global fuel prices.

The Indian currency indicated a further fall to 93 against the US dollar in the non-deliverable forwards market on Thursday. The domestic foreign exchange market was closed on Thursday on account of the Gudi Padwa festival.

Global oil prices have been rising since the conflict in West Asia broke out.

As of 12.20 pm Indian time, the price of benchmark Brent crude...

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