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Stock markets drop in early trade as oil prices, US–Iran conflict weigh on sentiment

Mumbai, May 12 (PTI) Equity benchmark indices tumbled in early trade on Tuesday amid rising crude oil prices as uncertainty surrounding the West Asia conflict clouded markets’ confidence. Unabated foreign fund outflows also dragged the markets lower. The 30-share BSE Sensex fell by 525.44 points to 75,489.84 in early trade. The 50-share NSE Nifty dropped 164.5 points to 23,651.35. From the 30-Sensex firms, Tata Consultancy Services, Infosys, Tech Mahindra, HCL Tech, Adani Ports and Bajaj Finserv were among the major laggards. Bharti Airtel and NTPC were the winners. Brent crude, the global oil benchmark, traded 0.93 per cent higher at

Rupee hits record low of 95.63 against US dollar in early trade

Mumbai, May 12 (PTI) The rupee depreciated 35 paise to a record low of 95.63 against the US dollar in early trade on Tuesday, after US President Donald Trump said that the ceasefire with Iran was on life support with hopes for a deal with the country fading, triggering a surge in crude oil prices. Market sentiments remained dominated by fears that the 10-week-old conflict could further tighten global supply, particularly after Trump rejected Tehran’s latest response to a US-backed peace proposal, calling it totally unacceptable. At the interbank foreign exchange market, the rupee opened at 95.57 against the US

Trump says he’ll move to suspend federal gasoline tax. He can’t do it on his own

WASHINGTON, May 12, 2026 (AP) — President Donald Trump said Monday he will move to suspend the federal tax on gasoline to help Americans shoulder surging fuel prices caused by the Iran war. The president cannot suspend the federal tax on his own. Congress would have to approve the move. Lawmakers from both parties have pushed for a gas-tax suspension, saying it would provide much-needed relief for families and businesses that rely on their cars and trucks to get to work and school and run everyday errands. As of Monday, the average national gas price was $4.52 a gallon, according

Trump is getting another medical checkup at the end of May, the White House says

WASHINGTON, May 12, 2026 (AP) — President Donald Trump is scheduled to see doctors for a medical and dental checkup this month — his fourth publicized visit to medical experts since returning to office — in what the White House describes as an annual physical and regular preventive care. Trump, who turns 80 next month and was the oldest person elected U.S. president, will see his doctors at the Walter Reed National Military Medical Center on May 26, the White House said in a brief statement Monday evening. The president’s health has been the subject of tremendous scrutiny, so much

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