PTC Web Desk: Indian equity markets opened on a weak note on Friday, tracking global uncertainties and sustained selling by foreign investors. Both benchmark indices slipped sharply in early trade, reflecting nervous sentiment among market participants.

The BSE Sensex dropped 772 points to trade at 76,876, while the Nifty 50 fell 205 points, slipping below the key 24,000 mark to 23,967.

The downturn has been largely attributed to rising crude oil prices in the international market and continued outflow of foreign funds, which have weighed heavily on investor confidence.

Rupee hits record low

Alongside equities, the Indian currency also came under pressure for the fifth consecutive session. The rupee weakened by 24 paise against the US dollar to hit a record low of 94.25.

Market experts say the strengthening of the dollar is being driven by escalating tensions in West Asia and uncertainty around the Strait of Hormuz, a critical route for global oil supply. This has added pressure on emerging market currencies, including the rupee.

Oil prices surge amid geopolitical tensions

Global oil benchmark Brent Crude rose 0.89% to reach $106 per barrel, intensifying concerns over inflation and economic stability.

Although a temporary ceasefire between Israel and Lebanon has reportedly been extended for three weeks with mediation by Donald Trump, markets remain cautious. Investors view the truce as short-lived, especially in light of recent developments, including the reported seizure of Iranian oil tankers by US forces and strong statements from Washington.

IT stocks under pressure

Among sectors, IT stocks faced the brunt of the selling, contributing significantly to the broader market decline.