(RTTNews) - Indian shares tumbled on Thursday as rising oil prices amid heightened geopolitical tensions prompted traders to lock in gains after recent rallies.
Oil prices soared to multi-month highs, with Brent contract surging above $71 a barrel after reports emerged that the U.S. military is ready for potential strikes on Iran as soon as Saturday.
Elsewhere, hopes for any easing of sanctions on Russian energy exports faded after U.S.-brokered Geneva talks ended without a breakthrough.
Uncertainty about the U.S. Federal Reserve's rate trajectory and lingering concerns about the impact of artificial intelligence on various sectors also weighed on markets.
The benchmark BSE Sensex fell 1,236.11 points, or 1.48 percent, to 82,498.14 after three consecutive sessions of gains.
The broader NSE Nifty index plummeted 365 points, or 1.41 percent, to 25,454.35 amid sustained selling across the board.
The BSE mid-cap and small-cap indexes plunged 1.5 percent and 1.2 percent, respectively.
The market breadth was weak on the BSE, with 2,929 shares falling while 1,274 shares rose and 164 shares closed unchanged.
Among the prominent decliners, Hindustan Unilever, Power Grid Corp, Eternal, ITC, Tech Mahindra, Reliance Industries, Kotak Mahindra Bank, Adani Ports, BEL, Trent, UltraTech Cement, Mahindra & Mahindra and Indigo fell 2-3 percent.
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