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.
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.
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.
The sell-off came as crude oil prices surged sharply amid fears of supply disruptions.
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.