Sensex, Nifty Rebounds

Sensex, Nifty Rebounds

The United States's air strike on Iran complicated matters and the markets went into a tail-spin, and raked up tensions in the Middle East.The S&P BSE Sensex tumbled over 851 points, and the broader markets were worst hit. The NSE Nifty moved 203 points or 1.66 per cent lower to 12,024.

The killing of top Iranian commander, Qasem Soleimani on President Trump's orders has raised a furore. Markets tumbled badly affecting trade as the U.S -Iran crisis worsened.

Iran announced that it would not abide by the uranium enrichment limits under the 2015 nuclear deal, which the United States had withdrawn from unilaterally in 2018. U.S. President Trump vowed a major retaliation if Iran avenges the killing of it's military commander. Traders are sitting on edge.

The flare-up in U.S.-Iran tensions have sent the prices of oil surging to a six-month peak, as the Middle East is home to some of the world's leading oil producers in the international market. The rupee nose-dived below the 72-mark as the global oil prices rose.

The major losers of BSE Sensex include Asian Paints, State Bank of India, Mahindra & Mahindra, PowerGrid, Maruti and Sun Pharma with their stocks down as much as 3.66 per cent. However, Sensex and Nifty rebounded a bit, with Sensex surging 454 points, while the broader NSE Nifty moved 132 points.