India, March 9 -- India's stock market is poised for a sharp plunge at the open today as the widening Iran war in West Asia sends crude oil prices soaring, threatening to reignite domestic inflation and strain the rupee.

GIFT Nifty futures tumbled to 23,811 as of 7:37 am in Mumbai, signalling a steep 2.6% drop for the benchmark Nifty 50 from Friday's close of 24,450.45. The rout tracks a broader flight from risk assets, with an index of Asian equities sinking 4.7% alongside steep declines in US and European stock futures. Meanwhile, safe-haven demand has kept the US dollar firmly supported.

The market turmoil is being driven by a violent spike in energy markets. Brent crude surged as much as 19.8% in early Asian trading to $111.04 a bar...