Stocks, ₹slip as US moves to block Strait of Hormuz

Brent crude back above $100/bbl level; India Vix jumps 8.75%

- SUNDAR SETHURAMAN

Indian equities retreated from last week's sharp rally after peace talks between Washington and Tehran collapsed over the weekend and the US Navy prepared to block ships to and from Iran via the Strait of Hormuz, denting investor sentiment and pushing crude oil prices back above $100 a barrel.

After tumbling as much as 2.2 per cent, or 1,682 points, in intraday trade, the Sensex recovered a significant portion of its losses to settle at 76,848, down 703 points, or 0.9 per cent. The Nifty 50 ended at 23,843, also lower by 0.9 per cent, or 208 points. The total market capitalisation of BSE-listed firms declined by ₹2 trillion to ₹449 trillion, while India Vix, the volatility gauge, jumped 8.75 per cent to 20.5.

The rupee, too, declined 0.7 per cent. The Indian unit fell to 93.44 per dollar before settling at 93.38 against 92.73 in the previous session. So far in April, the rupee has appreciated 1.54 per cent.