New Delhi, April 15 (IANS): The fundamentals of stock exchanges are very strong and the ongoing geo-political situation in the Middle East is not going to have any significant impact on the Indian economy, National Stock Exchange (NSE) MD and CEO Ashish Kumar Chauhan said on Monday.

In an interaction with IANS, Chauhan said that the way he has seen India managing itself well in the last one or two years amid the global headwinds, there should not be any significant economic impact this time too.

"India is connected to the world, so whatever situation arises in the world, we are also affected by it in some sense. However, I feel that there should not be any significant impact this time," he said.

"If the situation worsens between Iran and Israel, only then can any major impact be seen," he added.

Whenever tensions arise among Middle Eastern countries, it affects the oil prices. India is dependent on oil imports, sourcing about 85 per cent of its crude oil primarily from the Middle East.

The NSE CEO said India's total service exports and remittances are in a very sound condition, due to which "we are able to eliminate whatever trade deficit we have".

India's foreign exchange reserves also went up for the seventh straight week to hit an all-time high of $648.562 billion in the week ending April 5, according to the Reserve Bank of India (RBI).

"This shows the resilience of our economy," Chauhan told IANS.

According to him, India managed its economy well during the Russia-Ukraine war too.

Both the Sensex and Nifty 50 fell more than 1 per cent on Monday each to hit two-week lows.