Mumbai (Maharashtra) [India], June 13 (ANI): Indian stock markets witnessed a steep fall on Friday morning, marking what many are calling a 'Black Friday' for investors. Both benchmark indices opened deep in the red, reacting sharply to rising geopolitical tensions in the Middle East.

The Nifty 50 index plummeted to 24,473.00, losing 415.20 points or -1.67 per cent, while the BSE Sensex fell to 80,429.54, down by 1262.44 points or -1.55 per cent in early trade.

The sharp fall came after Israel launched an attack on Iran early Friday, sharply increasing fears of a broader regional conflict.

The United States issued a statement terming the attack a unilateral military action by Israel and warned Iran against retaliating by targeting US bases and facilities in the region.

Markets around the globe reacted with panic as the situation remains fluid and uncertain. US futures and major Asian indices also declined sharply as investors rushed to reduce risk exposure.

Ajay Bagga, Banking and Market Expert, told ANI, 'The situation remains volatile with Israel declaring a national emergency in anticipation of Iranian retaliation. Middle East playbooks are being updated this morning as Oil supplies could be hit if Iran chooses to block Persian Gulf oil supply routes in retaliation. This morning, we are seeing the classical risk off, with Friday, the 13th, adding to market jitters. Stocks are down, Bond yields are down, Oil is up, safe havens like Gold and Japanese Yen are up, and not surprisingly, cryptos are down'.

In India, the sectoral indices on NSE saw heavy selling across the board. Nifty Auto dropped by more than 2 per cent, Nifty IT fell 1.87 per cent, Nifty Metal and Nifty Media each declined by 1.77 per cent, Nifty Pharma was down by 1.3 per cent, and Nifty PSU Bank dropped by 1.86 per cent.

The broader market indices also mirrored the fall, Nifty Midcap fell by 1.69 per cent, and Nifty Smallcap declined by 1.87 per cent.

Investors are now on edge, as Israel has declared a national emergency in anticipation of Iranian retaliation. There are fears that Iran may target Persian Gulf oil supply routes, which could impact global crude supply and drive oil prices higher.

Adding to the nervousness in aviation and related stocks, Boeing shares fell by 4.79 per cent on the NYSE on Thursday after an Air India Boeing 787--8 Dreamliner crashed in Ahmedabad.

In India, airline stocks reacted sharply, with Indigo falling over 5 per cent, and SpiceJet declining 3.65 per cent in the opening session.

Analysts caution that while such geopolitical shocks often lead to sharp short-term market falls, recoveries can be equally quick, if the crisis doesn't escalate further.

However, the uncertainty around oil supplies and the potential for a larger regional conflict is likely to keep markets volatile over the weekend and beyond. (ANI)