Indian equity markets began the week on a weak note on Monday, mirroring a broad risk-off sentiment across global markets triggered by the escalating US, Israel and Iran war.
At 9:28 am, the BSE Sensex dropped 891 points, or 1.10 per cent, to 80,395, while the Nifty 50 fell 268 points, or 1.07 per cent, to 24,909.
Broader markets also remained under pressure. The Nifty Midcap 100 declined 1.14 per cent and the Nifty Smallcap 100 slipped 1.35 per cent, reflecting widespread selling across segments.
All sectoral indices traded in negative territory, with Nifty realty, oil and gas, and auto stocks leading the decline, falling 2.19 per cent, 1.81 per cent and 1.35 per cent, respectively.
Analysts said heightened uncertainty in the Middle East is likely to dampen risk appetite throughout the session. Aviation stocks may remain under pressure following the suspension of flights across key UAE routes, underscoring the immediate operational fallout of regional instability.
They also noted that the weekly Nifty expiry on Monday, ahead of the Holi market holiday, could further intensify volatility.
Technical Indicators Signal Bearish Trend
Before the opening bell, analysts highlighted that the formation of a fourth consecutive red candle on Nifty charts and the recent close below the 200-day EMA signalled increasing bearish dominance and a weakening broader trend.
Technically, resistance is placed in the 25,300–25,350 zone, while immediate support is seen at 25,000–25,050.
Crude oil prices surged more than 7 per cent amid fears that a US-Iran war could trigger major supply disruptions.
Across Asia, airline stocks led losses due to airspace closures over the Middle East. Japan’s Nikkei declined 1.5 per cent, Hong Kong’s Hang Seng Index dropped 1.68 per cent, and South Korea’s Kospi fell 1 per cent, while Shanghai remained flat and Shenzhen slipped 0.75 per cent.
US markets had ended largely in the red, with the Nasdaq down 0.92 per cent, the S&P 500 losing 0.43 per cent, and the Dow Jones declining 1.05 per cent.
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