Nifty below 24,900, Sensex slips 1048 pts on rising US Iran tensions

The Indian share market indices fell more than 1% on Monday amid weak global cues, as escalating tensions between the US and Iran pushed crude oil prices sharply higher, dampening investor sentiment.At close, the Sensex was down 1,048.34 points or 1.29 percent at 80,238.85, and the Nifty was down 312.95 points or 1.24 percent at 24,865.70. About 820 shares advanced, 3386 shares declined, and 130 shares unchanged.
Bharat Electronics, Sun Pharma, ONGC, Dr Reddy's Labs and Hindalco were the top gainers on the Nifty, while losers included L&T, Interglobe Aviation, Adani Ports, Tata Motors Passenger Vehicles, Adani Enterprises.On the sectoral front,Except metals, all other sectoral indices ended lower with Auto, Consumer Durables, Oil & Gas down 2 percent each.The Nifty midcap and smallcap indices fell 1.5 percent each.
Rupee Close:
On 2 Mar'26,the Indian rupee saw a steep loss of 42 paise to settle at 91.50 against the U.S. dollar on Monday after U.S. and Israeli attacks on Iran intensified worldwide risk aversion, setting crude oil prices on fire and demand for the American currency soaring.Massive selling in domestic equity markets and withdrawal of foreign funds further dragged the Indian currency down, forex traders said.
Trading Guide: 
Vinod Nair, Head of Research, Geojit Investments stated rising geopolitical tensions in the Middle East have unsettled global markets, with concerns over possible extension of the situation given the killing of Iran's supreme leader. Rising crude oil prices and a weakening INR reflect concerns over potential disruptions to oil supply, which could increase inflationary pressures in India and impact fiscals and strain margins for energy and chemical-dependent sectors.The India VIX has edged higher, signalling increased uncertainty and risk aversion among market participants. Investors are rotating toward traditional safe-haven assets and adopting a cautious stance, awaiting greater clarity. While FII selling has intensified after the spiking of crude prices.
Market experts recommended five shares to buy on Monday- Precision Wires India, TD Power Systems, Apollo Pipes, IDBI Bank, and Chennai Petroleum Corporation.

(Business Correspondent)