The Indian stock market tumbled for the third straight day on Wednesday, with Sensex and Nifty closing in the deep red as soaring oil prices and other concerns spooked investors. Sensex tumbled over 813 points to close at 74,764, while the Nifty50 dropped around 204 points to end the session at 23,431.

The losses wiped off over Rs 2 lakh crore from the total market capitalisation of all companies listed on BSE, pulling it down to Rs 484 lakh crore. Here's how analysts read the market pulse" Markets are increasingly pricing in a prolonged Middle East conflict, with continued hostilities and retaliatory actions expected to keep crude oil prices elevated in the near term.

Persistent geopolitical uncertainty is making it difficult for major central banks to achieve a balance between growth and inflation, while higher energy costs pose risks to both economic activity and price stability. With bond yields and currencies remaining volatile, investors are likely to adopt a cautious stance, limiting risk appetite and keeping market sentiment subdued,” said Vinod Nair, Head of Research at Geojit Investments.

S. stock indexes fell on Wednesday, when oil prices surged past the market-sensitive $100-a-barrel mark for the first time since July because of deepening Middle East tensions.

-Iran war, ‌which has heightened fears of a broader regional conflict. S.

base in Jordan. There were reports of attacks on vessels from both sides, heightening concerns over oil supplies from the region.

The euro edged higher ahead of the European Central Bank's policy decision on Thursday, with markets widely expecting a hike amid inflationary pressures from the Iran war. 16493.

“Immediate bias in the index continues to remain down and only a formation of higher high and higher low on a sustained basis in the daily chart will signal a pause in the current down trend. Follow through weakness will signal extension of the last 1-month decline towards then 23,300-23,200 levels in the coming sessions being the 80% retracement of the entire previous up move 23,070-24,774.

Pullback attempt from the current oversold territory will face stiff resistance around 23,800-24,000 levels being the recent breakdown area and 20 days EMA. Previous support area is likely to reverse its role and act as resistance in short term,” he added.

Most active stocks in terms of turnoverGraphite India (Rs 3,061 crore), HDFC Bank (Rs 2,714 crore), Coforge (Rs 1,996 crore), ICICI Bank (Rs 1,975 crore), Adani Enterprises (Rs 1,641 crore), Reliance Industries (Rs 1,563 crore), and BSE (Rs 1,436 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with the highest trading turnovers in the day.