Domestic equity markets, already under pressure from a record selloff by overseas funds, are potentially facing a new headwind after Israel hit major oil exporter Iran.
Last week, Brent crude jumped 4.1 per cent to $76 a barrel amid a fresh flare-up in West Asia tensions. Experts say any further spike in Iran-Israel tensions and a subsequent rise in oil prices could further hurt sentiment toward domestic equities.
Already, the benchmark Sensex and Nifty 50 indices are down over 6 per cent each so far this month.
Israel targeted military sites in Iran in the early hours of Saturday, in response to months of attacks by Iran and its proxies in the region. Iran's military reported that two of its soldiers were killed in the Israeli strikes.
Experts said the positive thing from the markets was Iran downplaying the attack by Israel, which was limited to missile and air defence sites and avoided nuclear, oil, and civilian infrastructure sites.
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