MUMBAI — Indian equities ended lower Tuesday as rising geopolitical tensions in West Asia pressured investor sentiment and dragged down banking, real estate and oil and gas shares.
The Nifty fell 86.50 points, or 0.36%, to close at 24,032.80. The Sensex declined 251.61 points, or 0.33%, to settle at 77,017.79.
The benchmark indices gave up gains from the previous session as selling pressure increased during the trading day. Banking, real estate and oil and gas stocks were among the weakest sectors, reflecting concerns over global growth and uncertainty in energy markets.
Auto and FMCG stocks were relatively resilient, helping limit broader market losses.
The broader market was mixed. The Nifty MidCap index rose 0.17%, while the Nifty SmallCap index gained 0.28%.
Investor caution increased amid reports of renewed tensions in West Asia. Reports suggested the United States and Iran exchanged fire near the Strait of Hormuz, despite a ceasefire that had been in place for more than a month. The renewed conflict raised concerns about instability in a region critical to global oil supplies.
“Going ahead, market direction is likely to stay sensitive to geopolitical developments and incremental cues from upcoming earnings,” a market expert said.
The rupee also weakened, slipping below 95.25 to trade near 95.30 as crude prices above $100 continued to pressure the currency.
“In the near term, 94.70 is likely to act as resistance, while 95.50 is seen as immediate support, with markets closely tracking U.S. non-farm payrolls and unemployment data this week for further direction,” an analyst said. (Source: IANS)
