Indian Equities Slide as Hormuz Tensions Spike Oil Prices

Indian equity markets extended their losses on Thursday, reacting to heightened geopolitical instability in the Middle East. The BSE Sensex fell 402 points, or 0.5%, to trade at 78,114, while the NSE Nifty dropped 0.4% to 24,288 in early trading sessions. The sell-off was triggered by reports that Iran had seized two commercial vessels in the Strait of Hormuz, a critical maritime chokepoint for global energy supplies. This escalation has intensified the standoff between the U.S. and Iran, sending Brent crude prices surging toward the $104 per barrel mark. Broad-based selling hit several heavyweights, with Kotak Mahindra, ICICI Bank, and Tech Mahindra among those declining between 1% and 2%. Infosys also saw a 1% dip ahead of its scheduled earnings report. In the corporate space, L&T Technology Services fell 1.2% despite reporting a 7% increase in Q4 net profit, and Eveready Industries dropped 1.6% following a Rs. 200 crore investment in a new alkaline battery plant in Jammu. Despite the overall bearish trend, some pockets of strength emerged. Delta Corp and Oracle Financial Services surged 7% and 6% respectively on the back of quarterly results. Additionally, Jio Financial Services rose 1.7% after announcing a joint venture for general and health insurance. However, the overarching concern for investors remains the potential for sustained oil price volatility, which typically pressures India's current account deficit and inflation.