Indian benchmark indices witnessed a sharp decline as escalating tensions in the Middle East triggered broad-based selling across global equity markets. The Sensex lost nearly 700 points while the Nifty slipped below the 24,100 mark, with banking, automobile and metal stocks leading the decline. Investors turned cautious after crude oil prices surged on fears of supply disruptions through the Strait of Hormuz.
Domestic institutional investors provided some support through selective buying, but foreign investors largely remained on the sidelines amid rising geopolitical uncertainty. Analysts believe markets could remain volatile until there is greater clarity on the conflict and the upcoming Q1 earnings season.
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