Mumbai–Indian stocks declined for a fourth consecutive session as escalating tensions between the United States and Iran pushed crude oil prices higher and weakened investor sentiment.
The Sensex fell 364 points, or 0.47 percent, to close at 76,391.39. The Nifty declined 127 points, or 0.53 percent, to settle at 23,869.60.
Market analysts said the Nifty’s 24,000 level, which had previously served as an important support point, has now become its immediate resistance. The level is also supported by the highest Call Open Interest at the 24,000 strike.
“A stronger resistance is placed near 24,200,” a market expert said.
On the downside, analysts identified 23,800 as the immediate support level, backed by a secondary concentration of Put Open Interest.
“While a decisive break below this level could accelerate selling pressure towards 23,700, followed by the 23,500 zone, where the highest Put OI is currently concentrated,” an analyst said.
Losses were broad-based, with banking, real estate and oil-related stocks facing significant selling pressure.
The Nifty Realty index was the worst-performing sectoral gauge, falling 1.81 percent. The Nifty PSU Bank index declined 1 percent, while the Nifty Bank index dropped 0.94 percent.
The Nifty Chemical and Nifty Oil and Gas indices also closed lower amid concerns that rising energy costs could pressure corporate margins.
The Nifty Auto index outperformed the broader market, rising 0.70 percent, while the Nifty Media index also ended in positive territory.
Nestle India and Shriram Finance were among the biggest decliners on the Nifty.
Among Sensex companies, Bajaj Finance, IndiGo, Axis Bank and Reliance Industries were among the major losers. Mahindra & Mahindra, Tata Consultancy Services, Eternal, HCL Technologies and Bajaj Finserv were the top gainers.
Analysts said investors remained cautious as they assessed the economic effects of renewed geopolitical tensions in the Middle East. Higher crude oil prices could add to inflationary pressures, raise costs for businesses and weigh on corporate earnings and broader economic growth. (Source: IANS)
