India, May 29 -- Indian stock markets witnessed a sharp late-session selloff on Friday, with the benchmark Sensex and Nifty plunging heavily after 3 PM amid rising geopolitical tensions, MSCI index rebalancing and concerns over elevated crude oil prices.

The BSE Sensex closed 1,092 points lower at 74,775.74, while the NSE Nifty50 dropped 359 points to settle at 23,547.75. The market crash intensified in the final trading hour, with investors rushing to book profits after weeks of market volatility.

A major trigger behind the sudden decline was uncertainty surrounding a possible peace arrangement between the United States and Iran. Investors turned cautious amid fears that prolonged geopolitical tensions could further impact global marke...