MUMBAI, India — Indian equity markets closed largely unchanged Tuesday, as rising tensions between the United States and Iran erased most of the day’s gains and dampened investor sentiment.
The benchmark Nifty edged up 11.30 points, or 0.05 percent, to close at 24,364.85, while the Sensex added 27 points, or 0.03 percent, ending the session at 78,520.30.
Both indices traded higher for much of the day but lost momentum in late trading as geopolitical concerns in West Asia weighed on risk appetite.
Market volatility surged, with the India VIX jumping 10.5 percent to 19.01, reflecting increased uncertainty among investors.
Analysts said the Nifty faces a key resistance zone between 24,400 and 24,500, with a sustained breakout needed to push the index toward 24,850 and eventually the 25,000 mark.
“On the downside, 24,200 acts as immediate support, aligned with the 50-day moving average,” a market expert said. “Below this, the 24,100–24,000 zone remains a crucial demand area supported by strong positioning data and previous price structure.”
Among individual stocks, Jio Financial Services, Hindalco Industries, and Tata Motors were among the biggest drags on the indices.
Sectorally, public-sector bank and media stocks outperformed, while information technology and real estate shares came under selling pressure.
Investor caution intensified following reports of escalating tensions in the Gulf region. The U.S. Navy reportedly seized an Iranian-flagged cargo vessel in the Gulf of Oman, while Iran was said to have fired at commercial ships passing through the Strait of Hormuz, a key global oil route.
The developments have raised fresh doubts about the prospects for diplomatic talks between Washington and Tehran and heightened concerns about potential disruptions to global oil supplies.
Analysts said that while India’s domestic economic fundamentals remain supportive, global geopolitical risks are likely to dictate short-term market direction.
“Renewed geopolitical tensions, particularly around the U.S.–Iran conflict, intensified concerns after reports of disruptions impacting energy infrastructure,” one analyst said. (Source: IANS)
