Stock markets tumble over 1% on intensifying West Asia conflict, rising oil prices

Mumbai: Benchmark indices Sensex and Nifty dropped over 1 per cent during intra-day trade on Friday dragged by intensifying conflict in West Asia and surging oil prices.

Besides, heavy selling in global markets, unabated foreign fund outflows and weakness in the rupee drove the equity benchmark indices lower.

Declining for the third day running, the 30-share BSE Sensex tumbled 963.98 points or 1.26 per cent to 75,070.44 during intra-day trade. The 50-share NSE Nifty dived 333.4 points or 1.41 per cent to 23,305.75.

From the 30-Sensex firms, Larsen & Toubro and Tata Steel declined over 4 per cent each. Bharat Electronics, UltraTech Cement, Axis Bank and Maruti were also among the prominent laggards.

Hindustan Unilever, Trent, Bharti Airtel and NTPC were the gainers.

Brent crude, the global oil benchmark, climbed 0.49 per cent to USD 101 per barrel.

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 were trading lower.

The US market ended sharply lower on Thursday. The Nasdaq Composite tanked 1.78 per cent, Dow Jones Industrial Average tumbled 1.56 per cent and S&P 500 dived 1.52 per cent.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,049.87 crore on Thursday, according to exchange data. Domestic Institutional Investors (DII) however, bought stocks worth Rs 7,449.77 crore.

On Thursday, the Sensex tanked 829.29 points or 1.08 per cent to settle at 76,034.42. Similarly, the Nifty fell by 227.70 points or 0.95 per cent to close at 23,639.15.