Investors' wealth eroded by ₹23.44 lakh crore since the beginning of conflict involving the US, Israel and Iran, which has sent shockwaves across equity markets, dragging the BSE Sensex lower by over 6%.

The US and Israel launched military strikes on Iran on February 28, killing Ayatollah Ali Khamenei, Iran's supreme leader.

Following the military offensive, Iran has carried out a wave of attacks targeting Israeli and American military bases in several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan, and Saudi Arabia.

Global oil and gas prices surged after Iran virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman that handles roughly 20% of global oil and LNG (Liquefied Natural Gas).

Brent crude, the global oil benchmark, jumped 6.66% to $98.11 per barrel.

Since February 27, the 30-share BSE Sensex has tumbled 5,252.77 points or 6.46%.

The market capitalisation of BSE-listed companies eroded by ₹23,44,237.26 crore to ₹4,40,06,434.01 crore ($4.77 trillion) during this time.

"Markets remained under pressure on Thursday and extended their recent decline amid weak global cues and persistent geopolitical tensions. The lack of de-escalation signs in Middle East geopolitical tensions continued to unsettle global markets and push crude oil prices higher.

"Oil prices have surged again after the recent dip and are hovering around the ₹97 mark, raising concerns over inflationary pressures, currency weakness and the potential impact on India's trade balance," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

On Thursday, the Sensex tanked 829.29 points or 1.08% to settle at 76,034.42. During the day, it plunged 992.53 points or 1.29% to 75,871.18.

Mahindra & Mahindra was the biggest loser among the Sensex firms, dropping 4.23%, followed by Maruti, Bajaj Finance, Larsen & Toubro, UltraTech Cement, and Trent.

In contrast, NTPC, Power Grid, Tech Mahindra, HCL Tech and Reliance Industries were the winners.

Among BSE sectoral indices, auto tanked 2.92%, FMCG (1.62%), consumer discretionary (1.59%), realty (1.53%), private banks index (1.45%), and top 10 banks (1.29%).

On the other hand, utilities jumped 3.31%, power (2.51%), energy (1.06%), capital goods (0.55%), oil & gas (0.52%), and metal (0.45%).

The BSE smallcap select index declined 0.65%, and the midcap select index dipped 0.55%.

A total of 2,516 stocks declined, while 1,713 advanced and 175 remained unchanged on the BSE.