Sensex Crashes 1,248 Points, Nifty Below 23,100 As Crude Tops $105

Indian benchmark indices ended sharply lower on Thursday, with the Sensex plunged 1,247.71 points or 1.67 per cent to 73,580.54 and the Nifty fell 383.70 points or 1.64 per cent to 23,063.10. The selloff intensified as crude oil moved above $105 a barrel, US Treasury yields climbed to their highest level since 2007 and global markets remained under pressure.

The Nifty slipped to an intraday low of 23,046.15, breaking below its June 11 low of 23,072 and ending below 23,100 for the first time since June 11. Selling was broad-based, with the Nifty Midcap index falling about 2 per cent and the Smallcap index declining 1.5 per cent.

Financial stocks bore much of the pressure. Bajaj Finance, HDFC Life, Bajaj Finserv, Axis Bank and InterGlobe Aviation were among the biggest Nifty losers. All sectoral indices ended in the red, with Nifty Private Bank down 2.2 per cent, Metal 1.9 per cent, Bank 1.7 per cent, Auto 1.5 per cent and Oil & Gas 1.3 per cent.

Crude oil was a major pressure point. Brent initially slipped on signs that Iran was open to diplomacy, but later climbed above $105 as uncertainty over a US-Iran breakthrough persisted. Iran has said navigation through the Strait of Hormuz will remain restricted while US sanctions and the blockade remain in place, keeping a geopolitical premium in oil prices.

The rise in US borrowing costs added to concerns over global equities. The US benchmark Treasury yield climbed to its highest level since 2007, increasing pressure on risk assets and adding to worries about inflation and tighter financial conditions.

Domestic financial stocks also faced pressure after the Insurance Regulatory and Development Authority of India proposed an overhaul of commission rules, with shares of several insurance-linked companies and financial firms declining sharply.

Global cues were weak as Asian markets traded mixed after Wall Street ended lower. The combination of higher oil prices, elevated US yields and uncertainty surrounding the Middle East conflict kept investors cautious.

Amid the broader selloff, NSE shares made their market debut on the BSE at Rs 1,800, a 0.84 per cent premium to the Rs 1,785 issue price. The stock touched Rs 1,878 during the session before ending at Rs 1,817, about 1.8 per cent above the issue price. The Rs 22,569-crore IPO was subscribed 5.71 times.

The rupee also weakened, falling 22 paise to 95.96 against the US dollar from Wednesday's close of 95.74.