Bloodbath on D-Street! Sensex crashes 500 points, Nifty below 19,550
Meanwhile, the market capitalisation of all listed companies on BSE declined by Rs 1.82 lakh crore to Rs 317.79 lakh crore.
Among Sensex stocks, Tech Mahindra, Asian Paints and M&M were the top laggards, falling 3-4%. ITC Titan, Wipro, HUL, and Infosys also declined.
On the other hand, only L&T, Axis Bank, and Bharti Airtel were in green.
Rise in crude prices pushed state-run explorer Oil India higher by 6%, while insurer ICICI Lombard slipped 3% after it got a show cause cum demand notice from India's GST department demanding Rs 1,729 crore.
Meanwhile, the domestically focused stocks, small-caps and mid-caps plunged 0.8% and 0.1%, respectively.
Among sectoral indices, Nifty IT fell 1.7%, dragged by Tech Mahindra, LTTS, and Persistent. Nifty FMCG also dropped 1.46%, led by Marico and Colgate-Palmolive.
Analysts stated crude prices, which rose 3% overnight will hurt India, the world's third-largest importer, which is also reeling under lower-than-expected monsoon rains, triggering inflation risks.
Global Markets
Surging US Treasury yields and the dollar on fears that interest rates will remain higher for longer has been weighing on the global equity markets since the Federal Reserve struck a hawkish tone earlier in the month.
In Thursday's trade, the Hang Seng fell 1% and is close to a 10-month low.
The mainland CSI300 fell 0.2%. Japan's Nikkei fell 1.8%.
Meanwhile, the pan-European STOXX 600 index slipped 0.2%, while Germany's DAX eased 0.2%.
Evergrande Effect
On Thursday, shares in cash-strapped developer China Evergrande were suspended in Hong Kong after a report that chairman Hui Ka Yan was under police watch.
