Domestic equity markets extended their sharp decline on Thursday, with benchmark indices falling over 2% in early trade as a spike in crude oil prices, escalating tensions in West Asia and sustained foreign investor outflows weighed heavily on sentiment.

The BSE Sensex plunged 1,557 points, or 2.13%, to 71,576.35 at around 10:10 am, while the Nifty 50 dropped 495 points, or 2.19%, to 22,183.60, slipping well below the 22,200 mark.Market breadth remained weak, signalling a broad-based risk-off mood across sectors. About Rs 10 lakh crore in investor wealth eroded within hours of trading.

Sensex crashes 1,500 points