GULF WAR IMPERILS GROWTH & INFLATION, DIMS RATE CUT HOPES

THE US-Israel-Iran war and the consequent tension across West Asia wiped out an estimated ₹19 lakh crore in market capitalisation from Indian bourses this week.

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Both benchmark indices continued their declines, with the Sensex crashing by more than 1,000 points on Friday to close the week at 78,918, while the Nifty stayed below the crucial 25,000 support level. What is more worrisome than the market mayhem is that rising oil prices and disrupted gas flows have not only triggered widespread selloffs across equity, debt and currency markets, but also reignited fears of rising inflation and slowing growth—a phase India painstakingly managed to overcome this fiscal. Above all, rising oil prices have pushed the rupee to a record low of 92.10 against the US dollar this week, besides raising concerns about a higher