Stock markets dive over 3% as boiling crude oil prices, weak global trends weigh on sentiments

New Delhi: Benchmark stock indices Sensex and Nifty plummeted by over 3 percent on Thursday as a sharp jump in crude oil prices and weak global trends, amid escalating strikes on energy infrastructure in West Asia, unnerved investors.

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The 30-share BSE Sensex tanked 2,496.89 points or 3.26 percent - its biggest single-day plunge since June 2024, to settle at 74,207.24. During the day, it dived 2,753.18 points or 3.58 percent to 73,950.95.

The 50-share NSE Nifty tumbled 775.65 points or 3.26 percent to end at 23,002.15.

From the 30-Sensex firms, Eternal, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Larsen & Toubro and Bajaj Finserv were among the major laggards.

HDFC Bank dropped 5.13 percent after its chairman, Atanu Chakraborty, resigned, citing ethical concerns.

Brent crude, the global oil benchmark, soared 6.75 percent to USD 114.8 per barrel after Iran attacked a key natural gas facility in Qatar as well as two oil refineries in Kuwait.

Iran intensified its attacks on its Gulf Arab neighbours' energy sites on Thursday, hitting a Saudi refinery on the Red Sea and setting Qatari LNG facilities and two Kuwaiti oil refineries ablaze as it struck back following an Israeli attack on its main natural gas field.

In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index ended significantly lower.

Markets in Europe were trading with deep losses. The US market ended sharply lower on Wednesday.

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Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,714.35 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 3,253.03 crore.

On Wednesday, the Sensex jumped 633.29 points or 0.83 percent to settle at 76,704.13. The Nifty surged 196.65 points or 0.83 percent to end at 23,777.80.

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