Mumbai (Maharashtra) [India], March 12 (ANI): Indian stock markets opened in the red on Thursday as escalating tensions in West Asia and again a sharp rise in crude oil prices weighed on investor sentiment.

The benchmark indices came under pressure after Iran's Navy Chief reportedly said that vessels seeking to sail through the Strait of Hormuz would require Iran's approval or could be targeted, raising concerns about disruptions in global oil supply.

The Nifty 50 index opened at 23,674.85, declining -192 points or (-0.80 per cent), while the BSE Sensex opened at 76,369.65, down -494.06 points or -0.64 per cent.

Market experts attributed the early losses to global risk-off sentiment, rising crude prices and continued foreign investor outflows.

Ajay Bagga, Banking and Market Expert, told ANI, 'For FIIs, India has turned into a sell-on-rally market. Elevated crude, a strong dollar, and trade war risks are pulling capital away, leaving every bounce vulnerable to global risk-off flows.'

He further said that the global energy market has entered a phase of heightened risk due to the ongoing geopolitical tensions.

'The global energy market has entered War-Risk Overdrive. Despite the IEA's unprecedented release of 400 million barrels of emergency oil (172 million from the US alone), markets are clear-eyed: reserves cannot solve a 'Closed Pipe' problem. Strait of Hormuz effectively closed. Shipping traffic down 70 per cent, insurers have withdrawn P&I cover, and reports suggest naval mining has begun. The Gulf is now a No-Go Zone,' Bagga said.

Meanwhile, WTI crude prices surged past USD 100 per barrel, increasing concerns about inflationary pressures and global economic stability.

Sectoral indices on the National Stock Exchange witnessed broad-based selling pressure during early trade. Nifty Auto, PSU Banks and Nifty Realty faced the sharpest decline, with all three sectors falling by more than 2 per cent at the opening.

Other sectors also traded lower. Nifty FMCG declined 1.4 per cent, Nifty IT slipped 0.43 per cent, and Nifty Pharma fell 0.98 per cent.

In the commodity markets, precious metals remained elevated amid global uncertainty. Gold was trading at around Rs 161629 per 10 gm for 24 karat, while silver was trading at Rs 267121 per kg.

Asian markets also saw heavy selling pressure on Thursday. Japan's Nikkei 225 index declined 2 per cent to 53832, Singapore's Straits Times fell 0.80 per cent to 4825, and Hong Kong's Hang Seng index dropped 1.49 per cent to 25508.

South Korea's KOSPI index declined 1.34 per cent to 5534, while Taiwan's Weighted index slipped 1.47 per cent to 33643.

In the United States, markets ended mixed on Wednesday. The S&P 500 declined 0.08 per cent to close at 6775, while the Nasdaq ended marginally higher with a gain of 0.08 per cent at 22716. The Dow Jones Industrial Average declined 0.61 per cent to close at 47417. (ANI)