Indian stock markets witnessed heavy selling pressure as global equities declined amid rising geopolitical tensions and concerns over higher US interest rates. The Sensex fell more than 650 points while the Nifty slipped below the 23,150 mark. Investors remained cautious due to foreign fund outflows, a weaker rupee, and rising crude oil prices.
Market participants are particularly worried that prolonged tensions in the Middle East could keep oil prices elevated, affecting inflation and corporate earnings. Banking, auto, and aviation stocks were among the major laggards during the session.
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