Mumbai, May 18 : Domestic equity markets opened sharply lower on Monday, with benchmark indices declining 1 per cent in morning trade amid elevated crude oil prices and rising geopolitical tensions in West Asia following the conflict between the US and Iran.

Sensex declined as much as 892 points or 1.18 per cent to hit an intraday low of 74,345 in early trade, while Nifty slipped 272 points or 1.15 per cent to 23,371.

Earlier in the day, the Sensex opened at 74,807.97, down 430 points or 0.57 per cent, while the 50-scrip basket opened at 23,482.20, lower by 161 points or 0.68 per cent.

Sector-wise, most indices traded in the red except information technology. Nifty Consumer Durables, Realty, Auto, Metal, PSU Bank, Private Bank, FMCG, Cement and Chemicals indices declined 1-2 per cent.

Among Nifty stocks, Power Grid, Tata Steel, Shriram Finance, Maruti Suzuki, Eicher Motors, Mahindra & Mahindra, Titan, HDFC Bank, Bajaj Finance, InterGlobe Aviation (IndiGo), HDFC Life, Hindustan Unilever, Trent and Eternal were trading 1-3 per cent lower. In contrast, Nifty IT was the only sector trading in the green, rising 0.6 per cent.

The market volatility tracker -- India VIX -- surged nearly 6 per cent to around 20.

Analysts said weak global cues, rising geopolitical tensions in West Asia and elevated crude oil prices continued to weigh on investor sentiment.

â??The near-term outlook remains cautious to negative, as weak global cues, rising geopolitical tensions and elevated crude oil prices continue to weigh on overall market sentiment,â?? analysts said.

They added that immediate support for Nifty is placed around the 23,400-23,500 zone, while resistance is seen near the 23,900-24,000 range.

Market sentiment remained weak as oil prices surged following a drone attack on a nuclear power plant in the United Arab Emirates, further escalating tensions in the Middle East.

Investor mood was further hit after US President Donald Trump warned that â??the clock is tickingâ?? for Iran, amid signs that efforts to resolve the conflict had stalled.

In commodities, crude oil prices traded higher, with the international benchmark Brent crude rising 2.37 per cent to $111.86 per barrel. Similarly, US West Texas Intermediate (WTI) crude was trading 3.11 per cent higher at $108.70 per barrel.

Asian markets also traded mostly lower, with Japanâ??s Nikkei declining around 1 per cent and Hong Kongâ??s Hang Seng falling over 1 per cent, while South Koreaâ??s KOSPI gained 1 per cent.

/IANS