New Delhi, July 8 -- The Indian stock market witnessed heavy selling pressure on Wednesday, erasing part of its recent gains as tensions in the Middle East resurfaced after the U.S. and Iran resumed attacks. Market sentiment was further dented after U.S. President Donald Trump said the ceasefire agreement with Iran was "over," triggering a sharp sell-off that dragged the benchmark indices down more than 2%.

The Nifty 50 plunged 2.12% to settle below the 24,000 mark at 23,882, while the Sensex tumbled 2.14% to close at 76,503. This marked the biggest single-day decline for both benchmark indices since late March. The broader market also ended lower, with the Nifty Midcap 100 and Nifty Smallcap 100 falling 1.55% and 2.24%, respectively.

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