New Delhi, Sept. 24 -- The Indian stock market suffered heavy losses in Thursday's trade, September 24, with the headline indices closing more than 1.5% lower, erasing their recent gains and falling below key psychological levels. Investor sentiment was hit by surging global bond yields and volatility in crude oil prices.

With Thursday's decline, both the Nifty 50 and Sensex logged their worst single-session losses in 10 weeks, while their year-to-date losses widened to nearly 12%, putting them on track for their first annual decline in more than a decade.

Apart from weak global cues, the Insurance Regulatory and Development Authority of India (IRDAI) proposed sweeping changes to insurance commission rules, triggering a wave of selling ...