Why is the Indian stock market down 1,000 points today?

Indian benchmark indices fell sharply on Thursday, with the Sensex dropping over 1,000 points and Nifty falling 371 points, as the RBI's rate hike raised concerns over tighter financial conditions. Rising crude prices added to inflation worries, while 14 of 16 sectoral indices declined. Heavy FII selling, elevated US yields and global risks further pressured Indian stocks.