Mumbai (Maharashtra) [India], April 23 (ANI): Selling pressure deepened in the domestic stock markets on Thursday, with benchmark indices closing sharply lower as crude oil prices surged above USD 100 per barrel, dampening investor sentiment.

The Nifty 50 index declined by 205 points to close at 24,173.05, down 0.84 per cent, while the BSE Sensex fell by 852.49 points to settle at 77,664.00, registering a decline of 1.09 per cent.

Market experts attributed the weakness to rising geopolitical tensions and uncertainty surrounding developments in West Asia.

Ponmudi R, CEO of Enrich Money, said that Indian equity markets extended their losses as sentiment turned negative amid stalled peace talks between Iran and the United States.

He said, 'Sentiment deteriorated following stalled Iran peace talks despite U.S. President Donald Trump announcing an indefinite ceasefire extension, which lacked clear confirmation from Iran. Escalating concerns around tightening control over the Strait of Hormuz and the continuation of the U.S. naval blockade pushed the Middle East situation back to a critical juncture'.

Sectorally, most indices ended in the red, reflecting broad-based selling. Nifty Auto and Nifty PSU Bank were among the worst hit, both declining by more than 2 per cent. Nifty IT also fell by 1.25 per cent, while Nifty Realty dropped 1.84 per cent. In contrast, Nifty Pharma was the only major gainer, rising more than 2 per cent by the close.

Crude oil prices remained a key concern for investors, with Brent crude continuing to trade above USD 100 per barrel. At the time of filing this report, Brent crude was trading at USD 103 per barrel, adding to worries over inflation and input cost pressures.

In the commodities market, gold prices slipped marginally by 0.52 per cent to Rs 1,51,870 per 10 grams for 24 karat, while silver prices declined by 2.53 per cent to Rs 2,42,072 per kg.

Asian markets also reflected a weak trend, with most indices closing lower. Japan's Nikkei 225 declined by 0.65 per cent to 59,200, Singapore's Straits Times fell by 1.17 per cent to 4,944, Hong Kong's Hang Seng index dropped by 0.66 per cent to 25,992, and Taiwan's weighted index slipped by 0.44 per cent to 37,714. However, South Korea's KOSPI index bucked the trend, gaining 0.89 per cent to close at 6,475. (ANI)