Mumbai — Indian equity markets ended sharply lower Monday as rising tensions in West Asia triggered risk-off sentiment across global markets and drove a sell-off in domestic equities amid higher crude oil prices.
The Sensex fell 719.08 points, or 0.97 percent, to close at 73,524.26, tracking weakness in global equities and growing geopolitical uncertainty.
The Nifty also declined, falling 243.70 points, or 1.04 percent, to settle at 23,123.
Market experts said the 23,250 to 23,300 range now serves as the immediate resistance zone for the Nifty, followed by 23,450, where the latest breakdown began.
“A decisive move above these levels will be required to improve market structure and trigger any meaningful recovery,” an analyst said.
On the downside, experts said 23,100 remains the immediate support level to watch.
“A breakdown below this level could accelerate selling pressure towards the crucial 23,000 mark,” a market expert said.
Market sentiment weakened after reports said Iran fired missiles at Israel, raising concerns over the fragile security situation in the region and reducing hopes of any immediate peace breakthrough between Washington and Tehran.
The developments also fueled concerns over possible disruptions to global oil supplies, pushing crude prices higher.
Broader markets saw deeper losses. The Nifty MidCap index declined 1.66 percent, while the Nifty SmallCap index fell 2.88 percent.
Selling pressure was broad-based across sectors, with Nifty Realty, Nifty Metal and Nifty Auto among the worst performers during the session.
The Nifty Healthcare index was an exception, showing relative resilience despite the broader market decline.
Experts said the sharp fall in domestic equities reflected a combination of weak global cues, geopolitical tensions in West Asia and concerns that higher crude oil prices could affect inflation and corporate margins.
“Selling pressure resurfaced during the afternoon session as global uncertainty and continued foreign investor caution prevented the market from sustaining higher levels,” a market expert said. (Source: IANS)
