Mumbai, March 19 Benchmark stock indices Sensex and Nifty plummeted by over 3 per cent to close at almost one-year lows 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.
Breaking its three-day gaining streak, the 30-share BSE Sensex tanked 2,496.89 points or 3.26 per cent – its biggest single-day plunge since June 2024 – to settle at 74,207.24, a level not seen since April 7, 2025. During the day, it dipped 2,753.18 points or 3.58 per cent to 73,950.95.
The 50-share NSE Nifty tumbled 775.65 points or 3.26 per cent to end at 23,002.15. Nifty had rallied 2.68 per cent or 626 points while Sensex jumped 2.8 per cent or 2,140 points in the last three sessions.
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 per cent after its chairman, Atanu Chakraborty, resigned, citing ethical concerns.
Brent crude, the global oil benchmark, soared 6.75 per cent 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.
"Indian equities witnessed a sharp and broad-based reversal, with the Nifty-50 erasing recent gains in a single session as global and domestic risks converged. The sell-off was triggered by a combination of macro headwinds that significantly altered risk perception. Crude oil prices surged above USD 111 per barrel amid escalating geopolitical tensions in the Middle East, raising concerns over sustained supply disruptions," Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
BSE MidCap Select index tumbled 3.34 per cent and SmallCap Select index dropped 2.77 per cent.
All sectoral indices ended lower. Auto dived 4.07 per cent, followed by realty (3.79 per cent), financial services (3.66 per cent), consumer discretionary (3.62 per cent), BSE Top 10 Banks (3.53 per cent), industrials (3.49 per cent), services (3.44 per cent), BSE Focused IT (3.41 per cent) and consumer durables (3.38 per cent).
A total of 3,192 stocks declined, while 1,051 advanced and 161 remained unchanged on the BSE.
"The domestic market ended sharply lower, giving up the gains of the past three days, as a series of attacks on energy infrastructure in the Middle East triggered a renewed spike in oil prices and dampened investor sentiment. The US Fed adopted a hawkish stance, signalling higher inflation amid elevated geopolitical uncertainty," Vinod Nair, Head of Research, Geojit Investments Limited, said.
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.
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 per cent to settle at 76,704.13. The Nifty surged 196.65 points or 0.83 per cent to end at 23,777.80.