The effect of the Iran-Israel war is being seen not only on the markets around the world but also on the Indian stock market. Today, while the market was in a sluggish state in the pre-opening session, both the indices gained momentum shortly thereafter.
In today's early trade, the BSE Sensex was trading at 81,676.35 points with a gain of 93.05 points, while the National Stock Exchange (NSE) Nifty also rose 42.80 points to 24,896.20 points.
In today's closing session, the BSE Sensex closed at 81,444.66 points, down 138.64 points. Along with this, the National Stock Exchange (NSE) Nifty also closed at 24,812.05 points with a decline of 41.35 points.
Oil Prices Are Rising
Brent crude rose 7% to over $70 per barrel following Iran-Israel conflict. For a country like India, which imports 89% of its oil, even small increases can raise costs across the economy.
In FY25, India spent $137 billion on crude oil imports, about 15% of the total import bill. That means when oil becomes expensive globally, everything from fuel to food to transport gets costlier here. It’s like an invisible tax on both people and businesses.
Prakash Kumar Pandey