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Mumbai: Indian benchmark indices witnessed a sharp decline on Wednesday as investor sentiment weakened amid rising crude oil prices, geopolitical concerns and heavy activity in the IPO market.

The BSE Sensex fell over 600 points in early trade, while the Nifty 50 slipped below the 23,500 mark, reflecting pressure across the domestic equity market.

At around 9:40 am, the Sensex was trading lower by 456.78 points, or 0.60%, at 75,120.80. Meanwhile, the Nifty declined 119.65 points, or 0.51%, to 23,515.45.

Crude Oil Nears $100 Per Barrel

A major concern for investors remained the sharp rise in global crude prices. Brent crude climbed nearly 1.5% to around $99.32 per barrel, while WTI crude also moved higher.

Higher oil prices could increase pressure on India's import bill, inflation outlook and corporate costs, creating uncertainty for investors.

US-Iran Tensions Impact Sentiment

Market sentiment was also affected by concerns over escalating tensions between the US and Iran. Investors fear that any disruption in energy supplies could further push global oil prices higher.

Analysts believe that continued geopolitical uncertainty may keep markets volatile in the near term.

IPO Boom Adds Pressure On Stocks

Experts also highlighted the impact of strong IPO activity on the secondary market. According to market analysts, increasing investor interest in new listings is diverting liquidity away from existing stocks.

Investors have been advised to avoid panic selling and focus on fundamentally strong companies with reasonable valuations.

Global Markets Remain Cautious

US stock futures also traded weak, indicating caution among global investors. Market movement in the coming sessions will depend largely on crude oil prices and developments in West Asia.