Sensex falls 400 points, Nifty below 24,000 as crude prices

Sensex settles 400 points lower, Nifty ends near 23,900: Rising crude prices among major factors driving market decline The sharp increase in crude oil prices came after the US announced that it had launched a series of airstrikes against targets in Iran overnight, triggering an Iranian response and further intensifying tensions in the region. Indian benchmark indices Sensex and Nifty closed lower on Wednesday, tracking weak global market trends and rising oil prices amid an escalation in the West Asia conflict. The Sensex settled 373.93 points, or 0.49 percent, lower at 76,570.35, while the broader Nifty ended at 23,914.45, down 141.35 points, or 0.59 percent. Major factors behind the market decline Rising crude oil prices Bent crude, the global oil benchmark, climbed around 1 percent to USD 95.4 a barrel, although it pared some gains after touching a nearly six-week high earlier in the session. The increase followed the US announcement that it had carried out a series of airstrikes against targets in Iran overnight. Iran responded, leading to a fresh escalation of tensions across West Asia. India, being heavily dependent on crude oil imports, remains particularly vulnerable to a prolonged rise in oil prices. Expensive crude can increase inflationary pressures and widen the country's import bill. "The escalation of the US-Iran conflict and the consequent 5 percent spurt in Brent crude overnight to USD 96 is a sentiment negative. Elevated bond yields Global bond yields continued to remain elevated amid concerns about a possible near-term increase in US interest rates. Higher US rates can make emerging markets such as India less attractive to foreign investors and may trigger capital outflows. Investment in securities market are subject to market risks. Read all the related documents carefully before investing,