MUMBAI — Indian stock markets tumbled sharply on Friday, snapping a two-day winning streak, as escalating uncertainty surrounding talks involving the United States, Israel, and Iran weighed heavily on investor sentiment.
Benchmark indices faced sustained selling pressure throughout the session. The Nifty dropped 486.85 points, or 2.09 percent, to close at 22,819.60, while the Sensex fell 1,690.25 points, or 2.25 percent, to settle at 73,583.22.
Market participants remained cautious amid ongoing geopolitical developments, with analysts warning of continued volatility in the near term.
“On the downside, a break below 22,800 may lead to further weakness in the market,” an analyst said.
“Given the prevailing market uncertainties, a sell-on-rise approach may remain suitable in the near term,” a market expert added.
Among Sensex components, Reliance Industries led the losses, falling 4.55 percent. Other major laggards included Bajaj Finance, IndiGo, Eternal, and HDFC Bank.
In contrast, TCS, Bharti Airtel, and Power Grid were the only stocks in the 30-share index to end the session in positive territory.
Broader markets also closed lower, though they showed relatively better resilience compared to the benchmark indices. The Nifty MidCap index declined 2.24 percent, while the SmallCap index slipped 1.88 percent.
Sectorally, PSU banks bore the brunt of the sell-off, emerging as the worst-performing segment. Realty and auto stocks also saw notable declines, adding to the overall market weakness.
The IT sector, however, limited losses and stood out as the best-performing segment of the day, offering some support amid the broader downturn.
“Indian markets witnessed a sharp and uneasy session, with heavyweight energy stocks leading the decline amid a complex mix of policy changes, rising crude prices, and persistent geopolitical uncertainty,” another market participant said. (Source: IANS)
