Sensex tanks 1,248 pts, Nifty settles below 23,100, Re plunges 23 paise

Benchmark indices fell sharply on Thursday, with the Sensex tumbling 1,247.71 points and the Nifty declining to 23,063, following a spike in crude oil prices and selling in blue-chip Reliance Industries and bank stocks. Weak global trends also dampened investor sentiment. Oil prices remained above $100 a barrel after Iranian President Masoud Pezeshkian's comments at the UN General Assembly (UNGA) that Tehran will never surrender to US pressure.The Sensex, Nifty sharp drop came parallelly with Iran's warning of extending the war to the Indian Ocean.
The 30-share BSE Sensex tanked 1,247.71 points, or 1.67 per cent, to settle at 73,580.54. During the day, it plummeted 1,264.33 points, or 1.68 per cent, to 73,563.92. The broader market also faced heavy selling. The Nifty Midcap 50 fell 2.57%, while the Nifty Midcap 100 declined 2.25%. The Nifty Smallcap 100 dropped 1.53%. India VIX, a measure of market volatility, jumped 22.76% to 12.70.
The Nifty Financial Services 25/50 index fell 2.16%, while the Nifty Private Bank index declined 2.19%. The Nifty Financial Services Ex-Bank index plunged 4.35% and the Nifty MidSmall Financial Services index fell 4.37%.
The rupee weakened by 23 paise to settle at 95.96 (provisional) against the U.S. dollar on Thursday, dragged by a surge in crude oil prices and a strong greenback amid geopolitical uncertainties. 

(Business Correspondent)