Mumbai — Indian benchmark equity indices posted their sharpest single-day decline in more than three months on Wednesday as escalating tensions in West Asia weighed on investor sentiment and triggered a broad-based selloff.
The Sensex fell 1,677.12 points, or 2.15 percent, to close at 76,503.60. The Nifty declined 516.65 points, or 2.12 percent, to settle at 23,882.05.
The sharp fall came as risk appetite weakened after renewed geopolitical uncertainty in West Asia rattled global financial markets. Investor concerns intensified after U.S. President Donald Trump said the ceasefire with Iran was over, although negotiations could continue following an exchange of strikes by both sides in the Strait of Hormuz.
The heightened tensions prompted investors to reduce exposure to equities, leading to widespread losses across the market.
Market experts said the 24,000 level is now expected to act as the immediate resistance zone for the Nifty, followed by 24,200.
A market expert said a sustained move above those levels would be needed to improve the near-term technical structure.
On the downside, analysts said the 23,800 zone remains a crucial support level. A decisive break below that region could intensify selling pressure and drag the index toward the 23,600–23,500 range.
Among Nifty constituents, Jio Financial Services, InterGlobe Aviation and Shriram Finance were the biggest laggards. Only four stocks in the benchmark index ended the session in positive territory, while the rest closed lower.
The decline was broad-based across sectors, with banking stocks bearing the brunt of the selling pressure. The Nifty PSU Bank and Nifty Bank indices were the worst-performing sectoral gauges during the session.
The Nifty Metal and Nifty Pharma indices outperformed other sectors despite ending lower, limiting their losses compared with the broader market. (Source: IANS)
