India, Sept. 2 -- Indian stock market indices Sensex and Nifty dropped sharply on opening on Wednesday, reacting to the international developments - the major escalation in the Iran-US conflict. While Sensex was down by nearly 700 points in the opening minute, Nifty plummeted 200 points.

In pre-opening trade, Sensex was at over 540 points down - at 76,397.24, while Nifty was down over 203 points - at 23,852.05.

Among the 30 Sensex firms, Only Sunpharma was in green in opening trade.

Oil prices also surged to a near-six-week high after the US and Iran exchanged strikes overnight, intensifying the Middle East conflict and renewing concerns over inflation. Track Iran war LIVE updates

GIFT Nifty futures were at 24,033.5 points as of 7:38 ...