India's stock market benchmark indices, Sensex and Nifty, plummeted in early trade on Thursday following a sharp jump in crude oil prices and weak global trends.
The 30-share BSE Sensex tanked 1,953.21 points, or 2.54 per cent, to 74,750.92 in opening trade, while the 50-share NSE Nifty dropped 580.05 points, or 2.43 per cent, to 23,197.75.
The market downturn was exacerbated by the resignation of HDFC Bank chairman Atanu Chakraborty, citing ethical concerns, and foreign fund outflows, which analysts said dented market sentiments.
Brent crude, the global oil benchmark, jumped 3.77 per cent to USD 111.4 per barrel, with experts warning that sustained high prices could have negative implications for India's macros.
Asian markets, including South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index, and Hong Kong's Hang Seng index, were trading significantly lower, while the US market ended sharply lower on Wednesday.
