Benchmark equity indices fell sharply in early trading on Wednesday amid weak global market trends, rising crude oil prices and renewed concerns over geopolitical tensions involving Iran.
The 30-share BSE Sensex dropped 517.11 points to 74,667.51 during early trade, while the 50-share Nifty 50 declined 152.45 points to 23,475.80.
Market analysts said investor sentiment remained under pressure due to elevated oil prices and fears of possible military escalation if Iran fails to reach a peace agreement.
Among the major losers on the Sensex were Tata Steel, Bharat Electronics, Mahindra & Mahindra, Maruti Suzuki, Eternal and UltraTech Cement.
Traders said persistent volatility in global markets and concerns over energy prices continue to weigh on investor confidence.
