India, Sept. 24 -- Equity markets came under heavy selling pressure on Thursday, with the Nifty 50 falling 1.64 per cent to 23,063.10 and the Sensex dropping 1.67 per cent or over 1,200 points to 73,580.54. Both indices recorded their steepest single-session decline since July 8.

The rupee weakened by 23 paise to settle at 95.96 (provisional) against the US dollar on Thursday, dragged by a surge in crude oil prices and a strong greenback amid geopolitical uncertainties.

The sell-off was driven primarily by surging crude oil prices, which revived concerns over inflation and its impact on the Indian economy.

Brent crude climbed 2.4 per cent to $105.6 a barrel after Iranian President Masoud Pezeshkian told the UN General Assembly (UNGA) t...