Indian stock markets fell sharply Thursday as the BSE Sensex dropped 1,045 points to 71,593 and the NSE Nifty declined 1.64 percent to 22,232, hitting a 52-week low. Broad-based selling across metal, realty and energy stocks was driven by rising crude oil above $104 a barrel, aggressive foreign investor outflows, and the Reserve Bank of India's decision to raise its repo rate to 5.50 percent and adopt a "calibrated tightening" stance. Midcap and smallcap indices fell over 2 percent each, while IT stocks showed relative resilience.
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