Stock markets slump in early trade amid West Asia tensions

Benchmark indices Sensex and Nifty tumbled in early trade on Monday amid surging oil prices, weak global market trends after fresh escalation in tensions in West Asia.

A drone attack targeted the Barakah nuclear facility in the United Arab Emirates (UAE) on Sunday, marking a dangerous escalation in the West Asia conflict.

The 30-share BSE Sensex tanked 833.20 points to 74,404.79 in early trade. The 50-share NSE Nifty dropped 234 points to 23,401.70.

From the 30-Sensex firms, Tata Steel, Power Grid, Maruti, Trent, Titan and HDFC Bank were the biggest laggards.

Infosys, Tech Mahindra, Bharti Airtel and Tata Consultancy Services were the winners.

Brent crude, the global oil benchmark, traded 1.79 per cent higher at USD 111.2 per barrel.

"Brent crude has spiked to USD 111 on absence of initiatives to open the Strait of Hormuz," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

In Asian markets, Japan's benchmark Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index quoted lower, while South Korea's benchmark Kospi traded in positive territory.

US markets ended over 1 per cent lower on Friday.