India's equity benchmarks log steepest drop in 2 weeks

Indian stock benchmarks logged their biggest daily losses in more than two weeks on Thursday as escalating US-Iran tensions pushed crude prices higher and dampened sentiment in the world's third-largest oil importer, reports Reuters.
The Nifty 50 fell 1.41 per cent to 25,454.35 and the BSE Sensex shed 1.48 per cent to close at 82,498.14. The decline wiped out gains from the last three sessions.
All 16 major sectors fell, while the small- and mid-caps lost 1.3 per cent and 1.6 per cent, respectively, snapping a three-day winning streak.
Brent crude oil prices rose 1 per cent to $71 per barrel on Thursday, building on the previous day's 4 per cent jump amid heightened military activity in the key oil-producing region.
"For India, this is worrisome because we are a major crude importer and any sustained rise in oil prices feeds straight into market sentiment and the economy through imported inflation," said Aishvarya Dadheech, founder and chief investment officer at Fident Asset Management.
Dadheech added that geopolitical tensions became the "perfect trigger" for selling as investors were already sitting on three consecutive sessions of gains.