India's Stock Markets Plunge Amid Geopolitical Uncertainty and High Oil Prices

The Indian stock market benchmark indices Sensex and Nifty closed lower on Friday after two days of gains, dragged down by bank and financial stocks, as well as elevated crude oil prices.

The 30-share BSE Sensex dropped 455.59 points, or 0.58 per cent, to settle at 78,499.17, while the 50-share NSE Nifty dipped 65.35 points, or 0.27 per cent, to end at 24,570.65.

Bajaj Finance and Bajaj Finserv were among the biggest losers in the Sensex pack, plummeting by 5.90% and 4.18%, respectively.

Market analysts attributed the decline to renewed uncertainty surrounding the Strait of Hormuz negotiations and broad-based weakness in financial stocks.