MUMBAI, India — India’s benchmark stock indices ended sharply lower Thursday as volatility in global oil prices weighed on investor sentiment and triggered selling across multiple sectors.
The NSE Nifty 50 index fell 227.70 points, or 0.95 percent, to close at 23,639.15. The BSE Sensex declined 829.29 points, or 1.08 percent, ending the session at 76,034.42.
Market analysts said the benchmark Nifty continues to face technical pressure, though some support levels remain intact. Key demand zones are seen around 23,500 and 23,000, supported by strong put open interest that could offer near-term support.
“On the upside, 23,700 stands as the immediate resistance followed by 23,800, while 24,000 continues to remain a strong supply zone for the index,” an analyst said.
Automobile stocks were among the hardest hit during the session. Mahindra & Mahindra, Eicher Motors and Maruti Suzuki India were the biggest losers on the Nifty 50 index.
Investor sentiment was also influenced by geopolitical developments in West Asia and concerns about energy supplies.
According to reports, India’s External Affairs Minister S. Jaishankar discussed maritime safety and India’s energy security with his Iranian counterpart. External Affairs Ministry spokesperson Randhir Jaiswal said the discussions focused on ensuring safe shipping routes.
Iran has reportedly assured India that Indian-flagged ships will be allowed to pass safely through the Strait of Hormuz, a key global oil shipping route.
Broader markets also ended in negative territory. The Nifty Midcap 100 index declined 0.37 percent, while the Nifty Smallcap 100 index fell 0.69 percent.
Among sectoral indices, the Nifty Auto index was the worst performer, with losses linked to concerns over restrictions on gas supplies and a broader shortage that could weigh on the automotive industry. The Nifty FMCG and Nifty Realty indices also ended lower.
In contrast, the Nifty Oil & Gas index emerged as the top-performing sector during the session, supported by rising global crude oil prices.
Analysts said persistent volatility in global oil markets and concerns about energy supply disruptions continued to pressure investor confidence, leading to broad-based declines in Indian equities.
Meanwhile, the Indian rupee recovered slightly after earlier falling to a historic low. The currency gained some support from central bank intervention and a pullback in oil prices, though analysts said the overall momentum remains tilted to the downside.
“The spot USDINR has resistance near 92.50, with downside protection hovering at 91.60,” an expert said. (Source: IANS)
