Mumbai: Indian equities witnessed a bloodbath on Thursday, snapping a three-day positive streak as escalating tensions in West Asia triggered a global risk-off sentiment. The Nifty 50 declined 3.2 per cent or 775 points to close at 23,002, while the Sensex fell 3.2 per cent or 2,497 points, with broader markets mirroring the weakness. The sell-off was primarily driven by crude oil prices surging above $111 per barrel, intensifying concerns around inflation and supply disruptions, persistent FII outflows and FED official comments. The bloodbath wiped out over Rs 11.5 lakh crore in market capitalisation of BSE-listed firms, bringing the total down to a little over Rs 427 lakh crore.Market breadth remained firmly negative, with around 864 stocks advancing, 3,048 declining, and 122 unchanged on the NSE. All 16 major sectoral indices ended in the red with rate-sensitive financial, realty, auto and private bank stocks being the worst hit.The sell-off hit midcaps and smallcaps hard. Nifty Midcap 100 fell 3.19 per cent, and Nifty Smallcap 100 dropped 2.94 per cent. HDFC Bank, Eternal, and Shriram Finance were among the top losers in the Nifty 50, falling up to 5 percent while Oil & Natural Gas Corporation, Reliance Industries, and Coal India were the only gainers, rising up to 2 percent.The conflict has increasingly taken the shape of energy warfare, with attacks on critical infrastructure by both sides driving a sharp spike in crude oil prices and rattling investor confidence. For an import-dependent economy like India, this directly impacts inflation expectations, economic growth, corporate margins and current account outlook, prompting a swift risk-off reaction across asset classes.The global monetary backdrop also turned less supportive with the US Federal Reserve keeping its policy rate unchanged at 3.5-3.75 per cent and signalling an extended pause until more clarity emerges around the effects of the Iran crisis. This has strengthened the US dollar and tightened global liquidity conditions, exerting additional pressure on emerging markets.Domestic sentiment was further dented by developments surrounding HDFC Bank, which slipped over 8 per cent to hit its 52-week low of Rs 722 on BSE after part-time chairman Atanu Chakraborty resigned citing governance issues. Given that it is the largest bank in India and the second-largest company by market capitalisation, the move significantly weighed on benchmark indices.Volatility surged sharply, with the India VIX rising 21.8 per cent to 22.80, reflecting heightened uncertainty and a spike in risk aversion among investors. The fall was further exacerbated by persistent foreign outflows, with foreign institutional investors (FIIs) selling Rs 73,705 crore over the past 12 sessions, adding to the pressure alongside weak global cues.Siddhartha Khemka, head of research, wealth management at Motilal Oswal Financial Services Ltd, said, “Going ahead, markets appear to be in a phase of heightened fragility, where sentiment is being driven by rapidly evolving geopolitical developments and a sharp rise in crude prices. Given the intensifying tensions around energy infrastructure in West Asia, we remain cautious on the market in the near term and expect volatility to persist.”
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