Stock market update, July 9 -- The Indian equity benchmarks suffered a severe, broad-based sell-off on Wednesday, with Nifty 50 plunging 2.12% to close at 23,882.05, losing 516.65 points, while BSE Sensex tumbled more than 1,600 points.

Escalating geopolitical tensions stemming from the U.S.-Iran war and a consequent spike in Brent crude prices triggered widespread panic, stoking inflation and margin-compression concerns for the world's third-largest oil importer.

Market breadth was decisively bearish, with a bleak advance-decline ratio of 699 stocks advancing against 2,633 stocks declining. On the sectoral front, high-beta and crude-sensitive pockets bore the brunt.

Nifty PSU Bank and Nifty Private Bank declined 2.72% and 2.52%, respe...