New Delhi, May 28 -- Gift Nifty futures plunged around 2% on Thursday, 278 May following a fresh escalation in the ongoing conflict between the United States and Iran. This indicates that Indian stock markets are likely to witness a sharply negative start on Friday, 29 May. Indian stock markets are closed today on account of Bakri Id.

Rising geopolitical tensions, surging crude oil prices, and weakness across Asian markets have significantly dented investor sentiment globally.

Gift Nifty 50 futures tumbled around 2% to 23,580, indicating a strong gap-down opening for benchmark indices when domestic trading resumes on Friday.

The decline came after fresh US military strikes on an Iranian military site overnight heightened concerns aroun...