<\/p>\n\n\n\n
Mumbai, Indian stock markets witnessed a sharp fall on Thursday over rising global tensions and a sudden spike in oil prices, as the ongoing conflict involving the US, Israel and Iran disrupted key energy infrastructure.<\/p>\n\n\n\n
The benchmark indices, Nifty and Sensex, ended the session with steep losses as both indices logged their steepest single-day fall in nearly two years.<\/p>\n\n\n\n
The Nifty dropped 775.65 points, or 3.26 per cent, to close at 23,002.15, while the Sensex fell 2,496.89 points, or 3.26 per cent, to settle at 74,207.24.<\/p>\n\n\n\n
The sell-off came as crude oil prices surged sharply amid fears of supply disruptions.<\/p>\n\n\n\n
Brent crude jumped nearly 11 per cent to $119.5 per barrel after reports indicated that Saudi Arabia halted oil loading at the Yanbu port following damage to key refineries.<\/p>\n\n\n\n
Drone strikes reportedly hit Samref\u2019s facilities, while several refineries of Aramco caught fire during the escalation in the US-Iran conflict.<\/p>\n\n\n\n
Market volatility also spiked significantly during the day. The India VIX surged over 22 per cent during the session — reflecting heightened uncertainty among investors.<\/p>\n\n\n\n
It eventually closed nearly 22 per cent higher, indicating that nervousness may continue in the near term.<\/p>\n\n\n\n
The broader markets also mirrored the weakness in benchmark indices. Midcap and smallcap stocks saw notable declines, with both indices falling around 3 per cent each.<\/p>\n\n\n\n
Sector-wise, the auto sector was the worst hit, followed by financial services and IT stocks, which also saw heavy selling pressure.<\/p>\n\n\n\n
The sharp rise in oil prices tends to impact auto companies due to higher fuel costs, while financial and IT stocks often react to global uncertainties.<\/p>\n\n\n\n
Analysts said that the overall market mood remained cautious, as investors reacted to geopolitical developments and worried about the potential economic impact of prolonged conflict and rising energy costs.<\/p>\n","protected":false},"excerpt":{"rendered":"
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