Benchmark indices fell sharply after the US struck Iran and crude prices surged, denting investor sentiment across Asian markets

Indian equity benchmarks fell sharply on Wednesday as renewed hostilities in West Asia unsettled investors. The Sensex fell as much as 1,700 points and the Nifty50 touched an intraday low of 23,850, dragged down by index heavyweights including Reliance Industries, Larsen & Toubro, State Bank of India, Mahindra & Mahindra, HDFC Bank and Bajaj Finance.
The trigger was geopolitical: crude prices jumped after the United States military launched a new attack on Iran and cancelled its oil-sale licence following projectile strikes on three tankers in the Strait of Hormuz. Brent crude rose as much as 3.3% to an intraday high of $76.6 a barrel.
Twelve of fifteen major NSE sector gauges traded lower, led by the Nifty Oil & Gas index's 1.8% decline, while PSU Bank, Auto, Bank, Realty, Metal and FMCG indices fell between 0.3% and 1.3%. IT, pharma and healthcare stocks bucked the trend, drawing buying interest.
Regionally, Japan's Nikkei fell 0.64% and South Korea's KOSPI dropped 2.2%, while China's Shanghai Composite stayed largely flat.
Word watch: bellwether (a leading indicator that signals broader trends — here, Reliance and HDFC Bank act as bellwethers for overall market direction) and volatility (the degree of rapid price fluctuation, from Latin volare, "to fly").
Market breadth stayed weak, with 1,785 shares declining against 979 advancing on the NSE, underscoring how quickly external shocks can outweigh domestic fundamentals.
