MUMBAI: Benchmark indices Sensex and Nifty slumped in early trade on Thursday amid a sharp spike in crude oil prices, weak global trends and foreign fund outflows.
The 30-share BSE Sensex tumbled 821.79 points to 76,674.57 in early trade. The 50-share NSE Nifty dived 287.3 points to 23,890.35.
From the 30-Sensex firms, InterGlobe Aviation, Eternal, UltraTech Cement, Mahindra & Mahindra, Axis Bank and Adani Ports were among the biggest laggards.
Bajaj Finance, Bajaj Finserv, Tech Mahindra, Infosys and Power Grid were the gainers.
Brent crude, the global oil benchmark, traded 4.08 per cent higher at USD 122.8 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,468.42 crore on Wednesday, according to exchange data.
In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index and Hong Kong's Hang Seng index were quoting lower, while Shanghai's SSE Composite index traded marginally higher.
US markets ended mostly lower on Wednesday.
"The Dow Jones Industrial Average closed lower as crude oil extended its rally... At the same time, the Federal Reserve maintained status quo on interest rates, offering limited support to risk assets," Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
The persistence of geopolitical tensions, particularly around supply disruptions, is keeping risk appetite subdued and markets highly sensitive to headlines, he added.
On Wednesday, the Sensex jumped 609.45 points or 0.79 per cent to settle at 77,496.36. The Nifty climbed 181.95 points or 0.76 per cent to end at 24,177.65.