Indian stocks markets fell sharply today, tracking a global selloff amid US-Iran tensions. The Sensex fell over 800 points, breaching the 41,000 mark, while Nifty fell below 12,000. The Indian rupee also slid past 72 against the US dollar as oil prices spiked. The rupee fell to as much as 72.11 against the US dollar today as compared to previous close of 71.80. Among the Sensex stocks, Bajaj Finance fell nearly 5% while ICICI Bank, M&M, Nestle India, Asian Paints, Hero MotoCorp, IndusInd Bank, Maruti Suzuki, HDFC and SBI declined between 2% and 4%.

Geo-political concerns, premium valuation and cautiousness ahead of Q3 results led to the selling pressure, says Vinod Nair, head of research at Geojit Financial Services.

Infosys will kick off third quarter result season later this week.

Equity markets never like uncertainties and it would result in weakness in the short term, says Ashish Nanda of Kotak Securities, referring to the Middle East tensions.

India VIX index, commonly referred to as fear gauge, surged 17% to 14.81, reflecting the nervousness among investors.

Global oil benchmark Brent today surged past $70 for the first time since September when attacks on two Saudi Arabian facilities briefly halved output by the world's top producer.

Asian stock markets tumbled today after the US assassination of a top Iranian general last week fanned fears of a major conflict in the Middle East.

US President Donald Trump has warned of a "major retaliation" against Tehran after it threatened revenge for the killing Friday of commander Qasem Soleimani, which shocked world markets and sparking a sell-off in stocks and a spike in crude.

Iran announced on Sunday a further rollback of its commitments to its nuclear accord, while Iraq's parliament demanded the departure of American troops from the country as fallout from the attack spreads.

The crisis has jolted investors, who had been in an upbeat mood as China and the US prepare to sign their mini trade deal, while data indicate a slight improvement in the global economy. (With Agency Inputs)

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