Sensex, Nifty dive as Iran closes Strait of Hormuz, sparking oil surge

Stocks opened lower on Monday after renewed tensions in the Middle East with Iran shutting the crucial Strait of Hormuz, pushing the crude ​oil ​prices higher.

At 9.15 am, The benchmark Nifty ⁠50 plummeted 0.69% to 24,039.4, while ‌the BSE Sensex shed 0.78% to 76,963.35.

All the 16 vital sectors traded ⁠lower ⁠while broader small-caps and mid-caps dropped ⁠about 0.6% ‌each.

The US ​and Iranian forces ‌exchanged heavy missile and drone assaults, with ‌Tehran ​targeting ​US ​facilities in states across the Gulf ​on Sunday and saying ⁠it had again closed the vital Strait ‌of ⁠Hormuz.