Markets slid sharply as rising oil prices, global tensions, and fresh worries around HDFC Bank spooked investors, triggering a broad sell-off and wiping out over Rs 14 lakh crore in wealth.

The Sensex plunged nearly 1,700 points to 75,010.66, while the Nifty fell 2.23% to 23,248.60, as rising crude prices and escalating Middle East tensions triggered a broad-based risk-off sentiment across sectors.

The rebound on Dalal Street this week comes even as tensions in the Middle East continue, raising questions about what is driving the market higher despite global uncertainty.