The Indian equity market ended Thursday’s trading session with deep cuts, slipping for the third consecutive session on weak global cues. Uncertainty ahead of the Organisation of the Petroleum Exporting Countries (Opec) meeting outcome over crude production policy also weighed down investor sentiment.

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The benchmark 30-share BSE Sensex plunged by 572 points to 35,312, while the broader 50-share NSE Nifty50 nosedived 182 points to 10,601. Shares of Sun Pharma and JSW Steel managed to end higher, while Reliance, Infosys, HDFC and Maruti were top losers in a session that saw 48 of 50 Nifty stocks closing with cuts.

Broader markets too had a fall on the similar line as benchmarks indexes with the Nifty Midcap index falling 281 points to 17,050. The Nifty Bank slumped 321 points to 26,198. The major sell-off keeps market breadth deeply in favour of declines with NSE Advance-Decline ratio at 2:7.

Comments coming in from Opec meeting kept crude volatile through the day. Brent slipped below $61 per barrel mark after hitting the intra-day high of $61.95 per barrel.

Saudi Energy minister said, “Many options being considered for cuts,” while Iranian oil minister said, “Oil price acceptable between $60-70/bbl.”

The rupee too saw a sharp recovery to the day’s high of 70.78, tracking developments at the Opec meet.

On the global front, the arrest of Huawei chief financial officer (CFO) Meng Wanzhou in Canada jolted market sentiment in Asia as investors assessed the economic and supply chain implications on an already-strained relationship between the US and China.

Asian tech stocks got hammered with many Huawei partners and suppliers under sharp pressure. The sell-off in the technology sector was part of broader declines across Asia’s major indexes.

Japan’s Nikkei 225 fell 417.71 points, or 1.91 percent, to 21,501.62. In South Korea, the Kospi lost 32.62 points, or 1.55 percent, to 2,068.69.

In the Greater China region, Taiwan’s Taiex fell 232.02 points, or 2.34 percent, to 9,684.72. Mainland shares were also down: The Shanghai composite sunk 44.62 points, or 1.68 percent, to 2,605.18 while the Shenzhen composite fell 30.02 points, or 2.17 percent, to 1,350.75.

Hong Kong’s Hang Seng index was down 2.47 percent to close at 26,156.38. Those moves contributed to MSCI’s Asia Pacific ex-Japan index falling 1.86 percent.

Australia’s ASX 200 fell 10.7 points, or 0.19 percent, to 5,657.7. That followed after the country’s trade surplus for the month of October missed forecasts, coming in at around $1.67 billion instead of the expected $2.32 billion from a Reuters poll.