Sensex, Nifty 50 | Stock Market LIVE: Sensex crashes over 700 points, Nifty 50 below 24,000; IT stocks bleed

Sensex, Nifty 50 | Stock Market LIVE Updates: The Indian stock market traded sharply lower on Friday, extending its losing run, as soaring crude oil prices and escalating US-Iran war in the Middle East dented sentiment.

The Sensex opened 180.20 points, or 0.23%, lower at 77,483.80, while the Nifty 50 opened at 24,100.55, down by 72.50 points, or 0.30%.

However, selling intensified and the Sensex crashed over 700 points, while the Nifty 50 slipped below 24,000 level. Bank Nifty also slipped over half a percent.

Broader markets succumbed to selling pressure, with the Nifty Smallcap 100 and the Nifty Midcap 100 indices falling over 0.5% each.

All the sectoral indices were trading the red, with Nifty IT, Nifty Metal, Nifty Pharma, Nifty Media, Nifty Auto and Nifty Private Bank falling the most.

Globally, Asian markets traded mixed, while the US stock market ended lower, with the Wall Street benchmark indices retreating from record highs.

US President Donald Trump said Israel and Lebanon have agreed to extend a ceasefire between Israel and the Hezbollah militant group by three weeks. Trump also said that the US has full control over its blockade of measures against Iran, calling them effective.

Crude Oil Prices

Crude oil prices rose over fears of renewed military escalation in the Middle East. Brent crude futures rallied 1.17% to $106.3 a barrel, while West Texas Intermediate futures gained 1.12% to $96.92.

Gold Rate Today

Gold prices were steady, but on track for a weekly drop as elevated oil prices fuelled fears of inflation and higher-for-longer interest rates. Spot gold price rose 0.1% at $4,697 per ounce. The metal is down 2.6% so far this week after a four-week winning run, Reuters reported. US gold futures for June delivery fell 0.2% to $4,712.50. Spot silver fell 0.1% to $75.36 per ounce.

Stay tuned to this segment for live updates on Indian stock market today.