Indian equity markets recorded a steep decline on Thursday as escalating tensions in the Middle East unsettled global sentiment.
Benchmark indices, BSE Sensex and Nifty 50, registered their sharpest single-day losses in nearly two years.
The Nifty fell 775.65 points, or 3.26 per cent, to settle at 23,002.15. The Sensex dropped 2,496.89 points, also 3.26 per cent, closing at 74,207.24.
The sell-off followed a sudden surge in crude oil prices amid fears of supply disruption.
Brent Crude prices climbed nearly 11 per cent to $119.5 per barrel.
Reports indicated that Saudi Arabia suspended oil loading at Yanbu port after damage to critical refining infrastructure.
Drone strikes allegedly targeted Samref facilities, while multiple Saudi Aramco refineries caught fire during heightened conflict involving the United States, Israel, and Iran.
Market volatility intensified significantly. The India VIX surged over 22 per cent, reflecting heightened investor anxiety. It closed at elevated levels, signalling continued nervousness.
Broader markets mirrored the downturn. Midcap and smallcap indices declined by around 3 per cent each.
Sectoral performance remained weak across the board. Auto stocks led the losses due to rising fuel cost concerns.
Financial services and IT shares also faced sustained selling pressure amid global uncertainty.
Analysts observed a cautious undertone across markets. Investors remained wary of prolonged geopolitical tensions and their economic implications.
Elevated energy prices and supply risks continued to weigh heavily on sentiment.
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