NEW DELHI — Indian benchmark indices ended sharply lower Tuesday as escalating tensions in the Middle East weighed on investor sentiment following reports of fresh U.S. strikes in southern Iran.
The Nifty closed at 23,913.7, down 118 points, or 0.49%, while the Sensex settled at 76,009.7, down 479.26 points, or 0.63%.
Market experts said 24,000 has become the immediate resistance level for the Nifty after a role reversal from support to resistance.
“Above this, 24,100 remains another key hurdle where higher Open Interest (OI) build-up is visible, indicating active Call writing and supply pressure from institutional participants,” an analyst said.
On the downside, analysts said 23,850 is the immediate support level for the index.
“Below this, the broader 23,500–23,600 zone continues to remain a critical demand area backed by significant Put OI concentration,” the analyst said.
Trent, TCS, Bajaj Finance and Bharti Airtel were among the top losers on the Sensex. Adani Ports, Eternal and Tech Mahindra led the gains.
On the Nifty, Apollo Hospitals Enterprise, Wipro and Bharti Airtel were among the biggest decliners.
The Nifty Consumer Durables index was the worst-performing sectoral index, ending more than 1% lower. Nifty Financial Services and Nifty Private Bank also posted notable declines amid broad weakness in banking and financial shares.
Broader markets, however, showed resilience despite volatility in the main indices. The Nifty MidCap index rose 0.54% after touching a fresh high during the session, while the Nifty SmallCap index gained 0.35%.
Metal and chemical stocks outperformed the broader market, with the Nifty Metal and Nifty Chemical indices closing in positive territory and helping limit broader losses.
Market sentiment turned cautious after reports said the United States carried out fresh defensive strikes in southern Iran on Tuesday morning despite ongoing negotiations. Reports citing U.S. Central Command said the strikes were aimed at protecting American troops from Iranian forces.
The uncertainty triggered selling pressure across key sectors, particularly consumer durables and financial stocks.
Analysts said investors remained cautious because of rising geopolitical uncertainty and its potential impact on global markets, crude oil prices and risk appetite. (Source: IANS)
