Sensex tumbles over 550 points, Nifty falls below 24,250 as Iran-US conflict escalates

Sensex tumbled over 550 points and Nifty 50 fell below 24,250 as escalating Iran-US tensions after US airstrikes on Iran and reinstated sanctions on Iranian crude reignited Middle East supply concerns. Brent crude surged nearly 3 percent above $76 per barrel, while the Indian rupee weakened 0.2 percent to 85.1725 against the US dollar. Foreign institutional investors remained net buyers for the fifth consecutive session, purchasing Indian equities worth more than Rs 393 crore on Tuesday.