BSE Sensex drops 450 points; Nifty 50 tests 22,700 as SMIDs slide, oil & gas stocks fall

The Nifty50 and the Sensex fell sharply after a mixed open as traders assessed US President Donald Trump’s fresh threats over the weekend.

Trump threatened that the US would attack Iran’s power plants and civilian infrastructure if Iran failed to open the Strait of Hormuz completely. He also set a deadline of 8:00 PM Eastern Time on Tuesday.

Paying no heed to Trump’s threat, Iran said the critical waterway will only open completely when the damages due to the war are compensated.

In the broader markets, the Nifty MidCap and the Nifty SmallCap indices were trading 0.21 per cent and 0.71 per cent down, respectively.

Sector-wise, the Nifty Oil and Gas fell the most shortly after opening. The Nifty Pharma and the Nifty Healthcare also underperformed.

Bucking the trend, the Nifty PSU Bank rose the most.

Brent crude’s April contract rose 1.15 per cent to $110.68 per barrel on the Intercontinental Exchange as traders feared the renewed escalation might worsen the supply outlook further.

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