Stock markets tumble in early trade amid escalating tensions in West Asia, higher oil prices

Market benchmark indices Sensex and Nifty tumbled in early trade on Wednesday as escalating tensions in West Asia pushed crude oil to near USD 100-per-barrel mark.

Selling in IT stocks and fresh foreign fund outflows also dented investors’ sentiment.

The 30-share BSE Sensex tanked 500.25 points to 75,060.61 in early trade. The 50-share NSE Nifty declined 129.40 points to 23,506.10.

Among the 30 Sensex firms, HCL Tech, Tech Mahindra, Infosys, Tata Consultancy Services and Hindustan Unilever were the major laggards.