The Indian stock market extended losses on Wednesday, with benchmark indices Sensex and Nifty falling up to 0.6% as oil prices jumped on renewed escalations in the Iran-US conflict.Sensex dropped over 550, while Nifty 50 fell below 24,250 during Wednesday's trading session. Broader markets also slipped into the deep red, with Nifty Midcap 100 and Nifty Smallcap 100 indices falling around 0.5% each.UltraTech Cement, Asian Paints and IndiGo shares tumbled 2-3% to lead losses on Sensex, while Maruti Suzuki, Bajaj Finance, ITC, Kotak Mahindra Bank, SBI, Bajaj Finserv, Tata Steel, Bharat Electronics (BEL) and Reliance Industries (RIL) shares dropped nearly 1% each. Infosys, TCS and Sun Pharma were the only stocks that traded in the green with marginal gains.Amid the bearish sentiment on Dalal Street, India VIX, which measures volatility in market, jumped more than 5% to 12.25 on Wednesday morning. Sectorally, Nifty Oil & Gas, Nifty Financial Services, Nifty Auto, Nifty Metal, Nifty PSU Bank and several other sectoral indices declined nearly 1%. Nifty Pharma however jumped 0.7%.The overall market breadth was negative, with NSE seeing 1,574 declines and 749 advances, while 123 stocks remained unchanged.Oil prices riseBrent crude futures gained nearly 3% to cross $76 per barrel, while WTI Crude futures rose to $72 per barrel. This came after US carried out airstrikes on Iran and reinstated sanctions on Iranian crude sales, reigniting concerns over the stability of the Middle East ceasefire and the risk of fresh supply disruptions.“U.S. Central Command forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway,” CENTCOM said in a post to X.According to the U.S. Central Command, the strikes were launched in response to Iranian attacks on three commercial vessels passing through the Strait of Hormuz. FII remain net buyersDespite the renewed concerns, foreign investors continued to remain net buyers of Indian equities for the fifth consecutive session on Tuesday, net buying shares worth more than Rs 393 crore, according to provisional data on NSE.Indian rupee meanwhile opened 0.2% lower at 95.1725 against the US dollar, as against the previous close of 94.9675.Tech view on NiftyOn the daily chart, Nifty yesterday formed a small-bodied candle with shadows on both sides, indicating indecisiveness at the current market juncture, said SBI Securities. Despite the day's weakness, the index continues to trade above its 20-day, 50-day, and 100-day EMAs, reflecting an overall positive trend. Additionally, the daily RSI remains in bullish territory, it added.“Going ahead, the 24530–24550 zone is expected to act as an immediate resistance area for Nifty. A decisive breakout and sustained move above 24550 could trigger fresh buying interest, paving the way for a sharp upside rally towards 24700, followed by 24850 in the short term. On the downside, the 24300–24280 zone remains a crucial support area for the index. As long as Nifty holds above this support band, the broader bullish undertone is likely to remain intact,” according to the domestic brokerage.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)