MUMBAI — Indian equity benchmarks ended lower Thursday as rising crude oil prices and escalating U.S.-Iran tensions weighed on investor sentiment.
The Nifty fell 180.10 points, or 0.74 percent, to close at 23,997.55. The Sensex declined 582.86 points, or 0.75 percent, to settle at 76,913.50.
Analysts said the Nifty faces immediate resistance in the 24,100 to 24,150 range, followed by a more significant hurdle near 24,300 to 24,400. On the downside, 23,800 remains a key support level, where buying interest has helped limit further losses.
“On the downside, the 23,800 level continues to act as a key support, where buying interest has emerged, preventing further decline,” an analyst said.
The market weakness followed a sharp rise in global oil prices. Brent crude surged after reports said the U.S. had rejected Iran’s peace proposal and moved to tighten the blockade at the Strait of Hormuz, a critical global oil transit route.
The developments raised concerns about supply disruptions, inflationary pressure and a worsening import bill for India, putting pressure on equities and the rupee.
Tata Motors Passenger Vehicles, Eternal and Hindalco Industries were among the top losers on the Nifty.
Broader markets also declined. The Nifty MidCap index closed 0.98 percent lower, while the Nifty SmallCap index slipped 0.48 percent.
Sector performance was mixed. Defensive segments such as IT and pharma outperformed the broader market, while cyclical sectors came under selling pressure. Metal and construction durable stocks were among the worst hit, pressured by concerns over rising input costs and global uncertainty.
Analysts said geopolitical tensions and higher crude oil prices overshadowed pockets of resilience in IT and pharma shares.
The rupee also weakened, moving toward 95.20 against the U.S. dollar as crude prices approached $120 a barrel. Analysts said near-term support for the rupee is seen around 95.45, while resistance is placed near 94.60, with volatility expected to remain elevated. (Source: IANS)
