Benchmark indices saw a massive fall today, as tensions in the Middle East, rising crude and a falling rupee wrecked havoc.
The Sensex ended the day lower by 788 points, while the Nifty dropped 234 points in trade. Tensions have escalated since the killing by the US of Iranian General Soleimani. US President Donald Trump threatened sanctions against Iraq, while Iran threatened uranium enrichment, as tensions mounted following the killing. Crude oil prices surged for a second trading day in a row, after Friday's jump of 4 per cent.
Gold on the other hand, which is considered a safe haven asset, rallied with the price on the MCX crossing the Rs 41,000 mark.
Heavyweight stocks which have been at the centre of recent buying, including the likes of HDFC, HDFC Bank and Reliance Industries saw sharp cuts, which pulled the markets lower.
Shares in Jet Airways were locked at the upper end of the circuit filter, after reports of a buyout by an American group.
Meanwhile, most European markets were trading lower, with the German DAX and the French CAC, down 2 per cent in trade.