Market Turmoil: Sensex and Nifty Slide Amid Crude Oil Surge

The Sensex and Nifty saw significant declines due to rising crude oil prices and geopolitical tensions in West Asia. Investors are wary amidst weak global trends and continuous foreign fund outflows. Major indices across Asia also experienced sharp drops as market sentiment remained negative.

Benchmark indices Sensex and Nifty faced a downturn during Thursday's trading session as soaring crude oil prices, driven by the West Asia crisis, unnerved investors.

The Sensex dropped 992.53 points to 75,871.18, while the Nifty fell 310.55 points to 23,556.30 in early trade. Subsequently, the BSE Sensex marked a decline of 432.04 points or 0.56% at 76,459.62, with Nifty down by 129.70 points or 0.50% at 23,745.55.

Geopolitical tensions involving the US, Israel, and Iran, coupled with outflows from foreign institutional investors, dampened sentiment further. Notable losers in Sensex included Mahindra & Mahindra and Maruti, although NTPC, Power Grid, Reliance Industries, and Tech Mahindra saw gains. The surge in Brent crude prices and a global risk-off sentiment weighed heavily across Asian and US markets.

(With inputs from agencies.)