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Nifty falls to six-month low as US-Iran deal hopes fade

Crude stays above $100 a barrel, a headwind for Indian markets given the country imports 90% of its oil requirement.

Reported · Written up by our desk · Asia

Indian stocks slid to their lowest level in nearly six months as hopes for a US-Iran breakthrough faded, according to LiveMint Markets, with investors also fretting about the impact of higher crude prices on interest-rate expectations.

The benchmark Nifty 50 fell 1.6% to close at 22,780.25, its weakest finish since April 2, while the Sensex declined 1.5%.

LiveMint Markets reported that President Donald Trump said he had rejected an Iranian proposal to reopen the Strait of Hormuz and end the fighting, while Iran said diplomacy remained the only path out of the conflict with the US and Israel.

With global markets turning risk-off, the outlet said oil prices moved higher above $100 a barrel, weighing on sentiment in part because India imports 90% of its oil requirement.

Latest closeWTI crude $92.44 ▼2.3%|Sensex 73,580.54 ▼1.7%

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