Stock Market Live Updates: Sensex plunges over 500 points, Nifty slips below 24,100 as US-Iran tensions escalate

Benchmark equity index BSE Sensex opened lower and remained under pressure in early trade on Tuesday, falling 330.62 points, or 0.43%, to 77,285.78 as of 9:31 am.

The 30-share index opened at 77,272.34, lower than its previous close of 77,616.40, as investors remained cautious amid escalating geopolitical tensions in the Middle East, elevated crude oil prices and weak global market cues.

Oil prices today: Crude surges to one-month high as US-Iran conflict escalates

Oil prices climbed to their highest level in four weeks on Tuesday after the United States reinstated a naval blockade on Iran and intensified military strikes, while Tehran stepped up retaliatory attacks in and around the Strait of Hormuz, raising fresh concerns over global energy supplies.

Brent crude futures rose $1.68, or 2%, to $84.98 a barrel, while US West Texas Intermediate (WTI) crude gained $1.65, or 2.1%, to $79.79 a barrel in early trade. Brent had already surged 9.6% in the previous session, marking its biggest single-day gain since May 2020.

The latest rally pushed oil prices to their highest levels since the US and Iran signed a memorandum of understanding on June 17 aimed at ending the conflict, Reuters reported.

Tata Consultancy Services (TCS) emerged as the top Sensex gainer, surging 5.43%, followed by HCLTech (5.02%), Tech Mahindra (3.34%), Infosys (3.17%), NTPC (2.18%) and Kotak Mahindra Bank (1.83%).

On the flip side, Tata Steel, Eternal, InterGlobe Aviation, Maruti Suzuki, UltraTech Cement and Bharat Electronics (BEL) were among the biggest losers.

Benchmark equity indices Sensex and Nifty ended marginally higher on Monday after a highly volatile trading session, as strong gains in IT heavyweights helped markets recover from steep early losses triggered by soaring crude oil prices and escalating geopolitical tensions in West Asia.

The 30-share BSE Sensex settled 47.01 points, or 0.06%, higher at 77,616.40, after plunging as much as 711.96 points (0.91%) to an intraday low of 76,857.43 during morning trade. The benchmark later erased all losses and briefly climbed 219.90 points before paring gains in the final hour of trade.

The NSE Nifty50 also staged a recovery, ending 4.10 points, or 0.02%, higher at 24,211, extending its winning streak to a third consecutive session.The rebound was driven by a sharp rally in IT stocks after upbeat earnings optimism.

Markets had opened sharply lower, with the Sensex falling over 630 points in early trade as investors reacted to a fresh spike in global crude oil prices following renewed military escalation in West Asia. Brent crude, the global benchmark, was trading 2.57% higher at $77.96 a barrel, fuelling concerns over inflation, higher input costs and their potential impact on economic growth.