Trump Says Iran MoU Is 'Over'; Markets Slide, Crude Oil Surges

Markets witnessed a sharp selloff as escalating Iran-US tensions and US President Donald Trump's remarks that the MoU with Iran is "over" rattled global sentiment and pushed crude oil prices higher. The surge in oil prices weighed on downstream oil companies and aviation stocks over concerns of rising fuel costs. Sensex plunged 1,677 points to close at 76,503, while the Nifty 50 fell 516 points to settle at 23,882. Nifty Bank declined 1,458 points to 56,742, with all major indices ending the session in the red. Among the top Nifty losers were InterGlobe Aviation (IndiGo), Jio Financial Services, Shriram Finance, Maruti Suzuki, Hindustan Unilever, Tata Consumer Products, Max Healthcare, Mahindra & Mahindra, and Tata Motors Passenger Vehicles. ONGC and Bajaj Auto were among the few Nifty 50 stocks that managed to end the day in positive territory.