Sensex cracks over 1,000 points, Nifty down 371 in Thursday market mayhem

On Thursday, the Indian stock market experienced significant turmoil, with the benchmark Sensex dropping over 1,000 points and the Nifty50 falling 371 points. The sharp rise in crude oil prices and the possibility of further rate hikes by the Reserve Bank of India contributed to the market's nervousness. The Sensex settled the day at 71,593.24, while the Nifty closed near the 22,230 level.

It was the second day of consecutive losses for the BSE Sensex. Major laggards among the 30 Sensex companies included ITC, InterGlobe Aviation, Power Grid, Bharat Electronics, Adani Ports, and NTPC. On the brighter side, Tech Mahindra, Axis Bank, and Infosys emerged as the top gainers. Meanwhile, Brent crude, the global oil benchmark, surged 4.25% to $104.5 per barrel.

Foreign Institutional Investors (FIIs) had sold equity worth Rs 6,121.37 crore on Wednesday. The Reserve Bank of India raised its benchmark repo rate by 25 basis points to 5.50% on Wednesday, the first hike in nearly four years, signaling a shift towards calibrated tightening from a neutral stance due to rising inflation, a weak rupee, and high crude oil prices.

Asian markets, including South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite, and Hang Seng, also ended significantly lower. European markets were also quoting in negative territory, while US markets ended lower on Wednesday.