As we write, Indian equities has shown recovery from the day's low with Nifty trading with a cut of 1.08 per cent or 268.05 at 24,620, while at the day's low - it plunged to 24,473. Likewise, Sensex from the day's low of 80,354.59 staged a rebound to 80,855, down as much as 836.44 or 1.02 per cent.

Meanwhile, Bank Nifty traded with a cut of over 1 per cent at 55,451.

So, here are the likely factors for the steep fall in Indian markets today:

The markets have plunged factoring in the rising geo-political tensions. Israel has launched strikes on nuclear sites in Iran. The strikes as part of the Operation 'Rising Lion', noted Israel's PM Benjamin Netanyahu, pointing out that Iran is a threat to "Israel's very survival".

Crude price has surged sharply to above $75 per barrel levels amid concerns of supply disruption in the commodity due to rising Israel- Iran conflct. Rising crude is negative for India as the country imports most of its crude oil requirement.

All sectoral gauges traded deep in the red, with banking, oil and gas and consumer durables leading the losses with over 1 per cent cut each. However, other indices like IT, metal and pharma traded with a cut of up to 0.5 per cent.

Meanwhile, midcap and smallcaps posted recovering helping lift the market sentiment to some extent.

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index at 24,625-24,750 levels and a stronger support zone at 24,450-24,550 levels on Friday, June 13. For the Nifty Bank, the market wizard expects support at 55,550-55,750 levels and a strong buy zone at 55,250-55,450 levels.