MUMBAI: Indian equity markets opened sharply lower on Thursday, tracking weak global cues as escalating geopolitical tensions in the Middle East triggered a surge in crude oil prices.
Sensex plunged 1, 953 points or 2.55 per cent to 74, 750, while Nifty also witnessed heavy selling pressure, declining 580 points or about 2.4 per cent, before recovering a bit in early trade.
Among stocks, HDFC Bank, Shriram Finance, Larsen & Toubro (L&T), TMPV, Axis Bank, HDFC Life and IndiGo plunged up to 4 per cent in morning trade.
Across sectors, broad-based selling was witnessed, with financials and auto stocks leading the decline. The Nifty Private Bank index fell over 3 per cent, while Nifty Financial Services, Nifty Auto and Realty indices declined more than 2 per cent each.