Mumbai, July 8 -- The benchmark indices extended their decline for a second straight session on Wednesday as weak global cues, a sharp spike in crude oil prices and escalating tensions in the Middle East triggered broad-based selling. The Nifty tumbled below the 23,900 mark, recording its steepest single-day decline since March 2026. All sectoral indices on the NSE ended in the red, with banks and financial stocks leading the losses, while the India VIX surged 26%, reflecting heightened market volatility. Renewed geopolitical concerns following fresh U.S.-Iran tensions and a risk-off sentiment weighed heavily on investor confidence.

The S&P BSE Sensex tanked 1,677.12 points or 2.15% to 76,503.60. The Nifty 50 index lost 516.65 points or ...