Markets panicked over Hormuz crisis Sensex falls 227 points

Mumbai:- Sensex and Nifty fell in early trade on Monday as crude oil prices rebounded due to rising tensions in West Asia. Market analysts said that weak trend in global markets and foreign capital outflow also affected investor sentiment during early trade.
BSE Sensex fell 226.60 points to 77,028.56 points in early trade while NSE Nifty slipped 120.40 points to 24,053.55 points.
In Asian markets, South Korea's KOSPI, Japan's Nikkei 225, China's SSE Composite and Hong Kong's Hang Seng are trading in decline. US markets closed lower on Friday.
International oil benchmark Brent crude futures rose 2.33 percent to $90.19 per barrel in futures trade. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 5,039.80 crore on Friday. The Sensex closed 330.92 points higher and the Nifty 84.80 points higher on Friday. Meanwhile, the rupee fell 13 paise to 95.56 against the US dollar in early trade on Monday amid rising crude prices and global tensions. Forex traders said that the yield on US bonds increased and the dollar strengthened broadly amid expectations of a rate hike by the Federal Reserve in September. This further affected investor sentiment. The rupee opened at 95.56 per dollar in the interbank foreign exchange market, down 13 paise from the previous closing price.