The domestic equity benchmarks traded with major losses in the mid- afternoon trade, as the escalating war between Iran and the U.S.-Israel alliance reignited a surge in crude oil prices and heightened global market volatility.

The Nifty traded below the 22,450 mark. Financial Services shares extended losses for second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex plunged 1,505.35 points or 2.05% to 72,077.87. The Nifty 50 index tumbled 393.75 points or 1.73% to 22,425.85.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index slipped 2.19% and the BSE 250 SmallCap Index fell 2.29%.

Sellers outnumbered buyers. On the BSE, 869 shares rose and 3,495 shares fell. A total of 167 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 4.17% to 27.92.

Buzzing Index:

The Nifty Financial Services index fell 2.87% to 23,673.50. The index tanked 5.51% in the two trading session.

SBI Cards & Payment Services (down 4.76%), Bajaj Finance (down 4.18%), Max Financial Services (down 3.94%), Cholamandalam Investment & Finance Company (down 3.75%), Axis Bank (down 3.35%), HDFC Life Insurance Company (down 3.28%), Power Finance Corporation (down 3.16%), Shriram Finance (down 3.12%), Bajaj Finserv (down 3.07%) and State Bank of India (down 3.03%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.58% to 6.972 compared with the previous session close of 6.960.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.7500 compared with its close of 94.8525 during the previous trading session.

MCX Gold futures for 2 June 2026 settlement added 0.67% to Rs 148,245.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 100.26.

The United States 10-year bond yield declined 1.22% to 4.387.

In the commodities market, Brent crude for May 2026 settlement jumped $3.16 or 2.81% to $115.73 a barrel.

Stocks in Spotlight:

Coal India jumped 2.29% after the company received a letter of award (LoA) from Telangana Power Generation Corporation (TGGENCO) for setting up battery energy storage system (BESS) plant at Choutuppal,Telangana.

CMS Info Systems fell 0.79%. The company's board approved the acquisition of operating assets related to the ATM Management solutions business of Financial Software and Systems (FSS) along with novation of customer contracts.

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