India’s benchmark indices Sensex and Nifty plunged over 2 per cent amid widespread selling across sectors in the wake of the West Asia crisis on Friday. The rupee, too, dropped 86 paise to settle at yet another all-time low of 94.82 (provisional) against the US dollar amid rising oil costs and a stronger US currency.Sensex ended 1,690.23 points (2.25 per cent) down at 73,583.22, while Nifty50 breached the 23,000 mark to close at 22,819.60, down 486.85 points (2.09 per cent).According to Bajaj Broking Market, a sharp depreciation in the Indian currency, spike in crude oil prices amid escalating tensions, and continued selling pressure from foreign institutional investors (FIIs) contributed to the markets’ fall today.Selling was broad-based with all major sectors ending in the negative territory. The steepest declines were recorded in PSU banks, private banks, realty, auto, and consumer durables, each falling in the range of 2 to 4 per cent. No sector offered any meaningful support to the indices during the session.In the coming weeks, Nifty50 is likely to consolidate in the range of 22,450-23,850 amid high volatility on account of escalating geopolitical tensions. On the downside, a breach below the previous week low of 22,471 may trigger further downside towards 22,100 and 21,800 levels.Speaking with The Tribune, Karan Rijhsinghani, director and head (product and advisory), Atom Privé Financial Services, said it was not a phase to exit markets, but to recalibrate for investors.“Given sell-off by FIIs and macro uncertainty, large-cap stocks (banks, top IT companies, index leaders) tend to recover faster than mid/small caps. This is a good time to rotate 10 to 15 per cent into more liquid, fundamentally strong names,” Rijhsinghani said.With crude above $100 and inflation risks rising, having 10 to 15 per cent allocation in short-duration debt, liquid funds, or cash equivalents might provide flexibility, he added.