MUMBAI, India — Indian benchmark stock indexes ended lower Friday as renewed tensions between the U.S. and Iran weighed on investor sentiment and pushed traders toward caution across sectors.
The decline was led mainly by banking stocks, though gains in information technology shares helped limit the broader market losses.
The Nifty closed down 150.50 points, or 0.62%, at 24,176.15. The Sensex fell 516.33 points, or 0.66%, to end at 77,328.19.
Market analysts said the 24,250-to-24,300 range remains an immediate resistance zone for the Nifty. A sustained breakout above that level could strengthen momentum toward the broader resistance area of 24,400 to 24,500.
“On the downside, the 24,100–24,000 region remains a crucial support area, which will be important to maintain the current market structure,” an analyst said.
Titan, Apollo Hospitals Enterprise and Asian Paints were among the top gainers on the Nifty, defying the broader market weakness. SBI, Coal India, HDFC Bank, Axis Bank and Bajaj Finance were among the biggest laggards.
Banking shares faced heavy pressure during the session. The Nifty PSU Bank, Nifty Private Bank and Nifty Bank indexes were among the worst-performing sectoral gauges as investors reduced exposure to financial stocks amid global uncertainty.
The Nifty IT index outperformed other sectors, supported by defensive buying and expectations of steady demand for technology services.
Oil prices also rose as hopes faded for a near-term resolution to the conflict in West Asia. Brent crude futures gained 0.66% to $100.72 a barrel on the Intercontinental Exchange, adding to inflation concerns and potential pressure on oil-importing economies such as India.
“Renewed hostilities between US and Iranian forces near the Strait of Hormuz triggered a sharp unwinding of optimism across global markets and risk assets, after Iran claimed the US had violated the ceasefire agreement,” an expert said. (Source: IANS)
