Crude price in the international market fell over 10 per cent after US President Donald Trump announced that he had postponed the attack plan on Iran's power plants for five days amid ongoing meetings between officials of the two nations. At the time of writing, the Brent crude rate fell by over $9 or 8.46 per cent to $102.7 per barrel. Similarly, WTI Crude dipped over $8 or 8 per cent to $90.14 per barrel.

Earlier, in the morning, Brent crude was trading in the range of $110-$113 per barrel.

International markets cheered the announcement as well. Gift Nifty soared over 4 per cent to a high of 23,500 till 5:32 PM trade. Last seen, Gift Nifty was trading at 23,365.50, 900.50 points or 4.01 per cent.

At the same time, the US equity market traded in positive territory. At around 5:31 PM IST, Dow futures were up 602 points or 1.32 per cent to 46,231.30, while S&P was quoted at 6,649.25, up 78.25 points or 1.19 per cent.

Stock Market Today

Meanwhile, domestic equity indices ended with heavy losses on Monday, driven by widespread selling, weak global cues, a weaker Indian currency and rising crude oil prices amid conflicts in the Middle East. The BSE Sensex ended 1,836.57 points or 2.46 per cent lower at 72,696.39. The Nifty50 ended 601.85 points or 2.60 per cent lower at 22,512.65.

In the Sensex basket, all stocks except HCL Tech, PowerGrid, Infosys and Tech Mahindra ended in the red, while Titan, Trent, UltraTech Cement, BEL, Indigo, Tata Steel, HDFC Bank, Adani Ports, Mahindra & Mahindra, Asian Paints, ITC and Bajaj Finance were the top losers.

Broad selling was seen across sectors, with metals, realty and consumer durables leading the losses, while mid- and small-cap stocks lagged.

Also Read: Bloodbath In Stock Market: Sensex Falls 1,836 Points, Nifty Settles Near 22,500; Factors Drag Market Today

Rupee Plunges Below 94 Vs USD 

Continuing its decline, the Indian currency crossed the 94 mark against the US dollar for the first time. It fell 50 pence to set a new record at 94.03 (temporary) against the dollar. Rising global crude oil prices and steady foreign capital inflows are some of the main reasons for the pressure on the Indian currency.