Sensex, Nifty Slump as West Asia Crisis Intensifies; Oil Jolts Markets

The Indian stock market faced a sharp selloff as renewed West Asia tensions sent oil prices higher and risk appetite skidded. The 30-share BSE Sensex tumbled 2,743.46 points or 3.37% to 78,543.73 in early trade, before finishing the session down 1,048.34 points or 1.29% at 80,238.85. The NSE Nifty 50 also declined, slipping 1.25% to 24,865.70. The day saw broad selling with only a handful of names advancing; a total of 651 stocks rose while about 2,578 declined out of 3,296 traded.

Oil markets reacted quickly to the tensions, with Brent crude futures rallying to around $79 a barrel as investors weighed the potential disruption of the Strait of Hormuz. Analysts noted that crude prices could remain elevated if the disruption persists, fueling further volatility in equities and energy-linked stocks. The India VIX, which gauges volatility, jumped 23.54% to 16.9 points, marking one of the sharpest single-session spikes in months.

On the battling breadth of the market, gains were led by a few heavyweight names such as Bharat Electrical Ltd., Hindalco, ITC, Sun Pharma and ONGC, while laggards included Indigo, Larsen & Toubro, Adani Ports, Maruti Suzuki and Asian Paints. Analysts cautioned that while the near-term path is choppy, a reversal could emerge if key levels hold. A veteran market watcher noted that if the Nifty stays above 24,750 and the Sensex above 80,000, there could be a partial recovery as investors reassess risk and value.

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