New Delhi, March 2 -- The escalating tensions in the Middle East rattled global markets in Monday's session, March 2, with the Indian stock market also coming under pressure as both key indices closed more than 1% lower.

The Nifty 50 closed 1.24% lower at the 24,865 level, while the S&P Sensex lost 1.29% to settle at 80,238. The broader markets also faced deep cuts, with both the Nifty Midcap 100 index and the Nifty Smallcap 100 index falling over 1.5%.

The US and Israel attacked Iran over the weekend, reportedly killing Iran's Supreme Leader and several other military officials, reflecting the risk of another full-blown war in the region.

Hours after the attack, Iran retaliated by targeting US military installations around the Gulf, w...