The equity benchmark indices Sensex and Nifty tumbled for the third consecutive session on Wednesday, falling to their lowest levels in three months since June 11, as escalating tensions in West Asia pushed crude oil prices towards the USD 100-per-barrel mark.
Analysts, meanwhile, said the Nifty could see a meaningful recovery if it manages to hold above 23,500 on Thursday, while a fall below 23,400 may trigger further correction.
The Sensex tanked 813.35 points, or 1.08 percent to settle at the day's low of 74,764.23. The broader Nifty declined 203.60 points, or 0.86 percent to 23,431.50.
"Though the trend remains weak, if the Nifty manages to hold above 23,500 on Thursday, a meaningful recovery could be seen. However, a fall below 23,400 might trigger further correction in the index," said Rupak De, Senior Technical Analyst at LKP Securities.
The broader market also remained under pressure, with the Nifty Midcap 100 declining 0.51 percent and the Nifty Smallcap 100 closing 0.49 percent lower.