India, July 8 -- The sharp market correction was driven by a mix of global and domestic factors that dented investor confidence. Rising geopolitical tensions in the Middle East, a sharp jump in crude oil prices, weakness in the rupee, and a sell-off in global technology stocks triggered broad-based risk aversion across equity markets.

Investors remained cautious after fresh developments in the US-Iran conflict raised fears of disruptions to global oil supplies. At the same time, higher crude prices and a weaker rupee increased concerns over inflation and India's import bill, while weakness in US technology stocks further weighed on market sentiment.

The benchmark indices witnessed selling pressure, with the Nifty 50 falling to a low of ...