Rupee, stocks reel as Trump signals end of Iran truce

Indian markets saw a sharp selloff as renewed US-Iran tensions pushed Brent crude up about 8% to around $80/barrel, with the Sensex plunging 1,677 points (2.15%) to 76,503.60 — its biggest single-day fall since March 27 — and the Nifty 50 dropping 516 points (2.12%) to 23,882.05. The rupee closed at 95.56 per dollar, Asia's worst performer, while the 10-year bond yield jumped 7 basis points to 6.76%. Crude-sensitive stocks bore the brunt of losses, with HPCL falling over 4.5%, BPCL and Indian Oil declining about 3% each, and Reliance Industries shedding nearly 2.5%.