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The Indian benchmark indices declined as the Sensex fell 500 points to settle at Rs 76,994 and the Nifty fell 152 points to close trade at 24,025 at 3:30 PM.

Previously, during the early morning session, the BSE Sensex opened the session below 76,850, crashing a little over 650 points, while the NSE Nifty50 started trading near 23,950, tanking more than 200 points, as of 9:15 AM.

Investor sentiment remained cautious after the US Federal Reserve held rates steady but struck a hawkish tone, while elevated crude oil prices and persistent geopolitical tensions continued to pressure global markets.

Fed Holds Rates, But Policy Split Rattles Investors

The US Federal Open Market Committee kept interest rates unchanged in the 3.5–3.75 per cent range, in line with market expectations.

However, the 8-4 split among policymakers surprised investors, raising concerns over the future path of interest rates and signalling persistent inflation risks. The development dampened global risk appetite and added pressure on equities.

Asian Markets Mirror Weak Global Cues

Markets across the Asia-Pacific region tracked Wall Street lower, reflecting subdued investor sentiment.

Japan’s Nikkei 225 declined more than 1 per cent, while Hong Kong’s Hang Seng also traded in the red. South Korea’s Kospi remained largely flat, indicating a mixed but cautious regional trend.

Overnight in the US, the Dow Jones and S&P 500 ended lower, while the Nasdaq posted marginal gains.

Brent Crude Tops $120 Amid Iran Tensions

Crude oil prices surged sharply, intensifying concerns for global markets.

Brent crude climbed above the key $120 per barrel mark after reports indicated that the US rejected Iran’s peace proposal and hardened its stance on the Strait of Hormuz blockade.

High oil prices remain a major macroeconomic concern for India because of their impact on inflation, currency stability and corporate margins.

Safe-Haven Demand Lifts Gold, Silver

Precious metals attracted strong buying interest amid rising geopolitical uncertainty and volatile financial markets.

Gold and silver futures advanced as investors moved towards safe-haven assets.

Domestic Markets Rebounded In Previous Session

Indian equities had ended higher on Wednesday after a volatile session, supported by robust earnings and value buying.

The Sensex rose 609.45 points, or 0.79 per cent, to close at 77,496.36, while the Nifty gained 181.95 points, or 0.76 per cent, to settle at 24,177.65.

FII Selling Remains Overhang

Despite the rebound, market sentiment remained under pressure from sustained foreign institutional investor selling and elevated crude oil prices.

While FIIs continued to remain net sellers, domestic institutional investors provided partial support to the market.