Indian markets fell sharply on Thursday as the Sensex tumbled 1,045.46 points, or 1.44 per cent, to close at 71,593.24. The Nifty slid 371.25 points to 22,231.80, its lowest close since April 2025.

Investors lost about Rs 11.56 lakh crore in a single session. The selloff came a day after the RBI raised the repo rate by 25 basis points to 5.50 per cent, its first hike in nearly four years, and signalled more could follow.

Brent crude jumped 4.25 per cent to $104.5 a barrel, while the rupee fell 13 paise to 96.88 against the dollar. Heavy foreign fund selling added to the pressure.

ITC, Adani Ports, IndiGo, Power Grid and Reliance fell up to 4 per cent. Titan and IT stocks such as TCS, Infosys and Tech Mahindra gained up to 2 per cent, limiting the damage.

Context: midcap and smallcap indices fell more than 2 per cent, while the volatility index jumped over 10 per cent.