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Sensex sinks 700 points as rupee hits record low and Iran tensions rattle markets
Economy
Published on 12 May 2026
Oil surges after Trump rejects an Iran peace plan
Indian markets opened lower and extended losses as the rupee slid to a fresh record low. The move was tied to higher oil prices amid Middle East tensions, following US President Trump’s rejection of an Iran peace proposal. Weakness spread across sectors with IT stocks leading declines, as global uncertainty and foreign institutional selling added to bearish sentiment.
- Rupee fell to a fresh lifetime low, pressuring stocks
- Higher oil prices linked to Middle East tensions intensified risk
- Trump’s rejection of an Iran peace proposal added market anxiety
- FII selling and global jitters deepened Sensex Nifty losses
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times