Indian equity benchmarks slid further on Wednesday morning, marking a third consecutive session of losses, as a sharp rise in crude oil prices and heavy selling in banking stocks weighed on investor sentiment.
The BSE Sensex touched an intraday low of 76,722.21, shedding around 748 points in the morning.
The NSE Nifty slipped to as low as 23,973.70, down about 214 points from the previous session's close.
What was the main reason? A spike in Brent crude, the global oil benchmark, which climbed towards a five-week high of $92.67 a barrel amid an escalating West Asia conflict.
Reports of oil tankers rerouting in the Red Sea and an incident near the Strait of Hormuz stoked fears of further supply disruptions.
Then, the slump in BFSI made matters worse. Banking heavyweights, including HDFC Bank, ICICI Bank, Axis Bank and State Bank of India, were among the principal laggards, extending HDFC Bank's post-earnings decline after its first-quarter net interest margin fell short of expectations.
The pharmaceutical index also came under pressure following a phased tariff plan on imported generic medicines outlined by the American administration.
But not all sectors saw red. Automobile stocks such as Bajaj Auto and TVS Motor bucked the trend, buoyed by stronger-than-expected quarterly profits, while some consumer titans, including Titan and Asian Paints, also found gains amid the red sea. FIIs buying equities worth ₹1,650.16 crore on Tuesday was the other silver lining.
