Sensex tanks over 1700 points, rupee falls to new low at 93.94 against US dollar

The morning of March 23 turned into a “Black Monday” for the Indian stock market as panic gripped investors amid global market turmoil and rising tensions in the Middle East. Concerns surrounding the crisis in the Strait of Hormuz triggered heavy selling as soon as trading began, sending benchmark indices tumbling sharply within minutes of market opening.

By 10:26 AM, the BSE Sensex had plunged by 1,773 points, a drop of 2.38 percent, bringing the index down to 72,759. The Nifty 50 also witnessed a sharp fall, declining by 562 points or 2.44 percent to reach 22,551. The sudden downturn erased billions of rupees in investor wealth in a matter of moments, reflecting the intensity of the sell-off across sectors. Global uncertainties and escalating geopolitical tensions have added to market nervousness. Reports of rising crude oil prices amid growing threats of conflict in the Strait of Hormuz have raised concerns about energy supply disruptions, further intensifying pressure on financial markets and investor sentiment.

The turbulence has also hit the Indian currency, with the rupee weakening significantly against the US dollar. The rupee opened at 93.83 per dollar, already down by 12 paise, before sliding further to touch a record low of 93.94 as market volatility deepened during early trading hours.