Sensex and Nifty tumble amid U.S.-Iran Strait of Hormuz tensions
NewsBytes | May 8, 2026 7:39 PM CST
Oil tops $100 rupee hits ₹94.67
It wasn't just stocks feeling the heat: oil prices shot up past $100 a barrel, pushing the rupee down to ₹94.67 against the US dollar.
Even Bitcoin took a hit, briefly falling below $80,000 as investors played it safe.
On a brighter note, Citi initiated a "Buy" coverage on India's power utilities sector thanks to rising electricity demand, expansion in the renewable space, and grid storage, while Hero Realty secured fresh funding for new homes despite market jitters.
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