The Indian stock market experienced a significant crash on Thursday, with the BSE Sensex dropping over 1,700 points to trade at 82,584.35, down 2%. Nifty50 fell below 25,300, reaching 25,285.05, a decline of nearly 2%.
The downturn reflects concerns among investors following escalating conflicts in the Middle East, particularly after Iran launched ballistic missiles at Israel, raising fears of potential disruptions to oil supplies. This uncertainty led to a broader reduction in risk appetite, impacting markets across Asia.
Market capitalization on the BSE decreased by ₹9.92 lakh crore, now at ₹464.94 lakh crore. Key stocks like Reliance Industries, HDFC Bank, and ICICI Bank were major contributors to the decline, while only JSW Steel and Tata Steel saw gains. The Nifty Oil & Gas index fell over 1.2%, influenced by rising oil prices and escalating conflict concerns. The India VIX, a volatility measure, surged 8.9% to 13.06, indicating increased market anxiety.