Indian equity benchmarks BSE Sensex and Nifty 50 closed lower on the day, pressured by escalating crude oil prices amid tensions between the United States and Iran.
The Nifty declined by 180.10 points, or 0.74 per cent, to settle at 23,997.55. The Sensex fell 582.86 points, or 0.75 per cent, to close at 76,913.50.
Market sentiment weakened as global cues turned cautious following a sharp spike in oil prices.
Analysts noted that the 24,100-24,150 range remains an immediate resistance zone for Nifty, followed by a stronger barrier at 24,300-24,400.
On the downside, 23,800 continues to act as a crucial support level, where buying interest has previously emerged.
Brent Crude prices surged after reports indicated that the United States rejected Iran’s peace proposal and intensified the blockade at the Strait of Hormuz. This development heightened concerns over supply disruptions and inflationary pressures.
Stocks such as Tata Motors Passenger Vehicles, Eternal, and Hindalco Industries emerged among the top laggards on the Nifty.
The broader market reflected similar weakness, with the Nifty MidCap index declining 0.98 per cent and the Nifty SmallCap index slipping 0.48 per cent.
Sectorally, trends remained mixed. Defensive segments, including Nifty IT and Nifty Pharma, outperformed, while cyclical sectors bore the brunt of selling pressure.
Nifty Metal and Nifty Construction Durable indices declined sharply due to rising input cost concerns.
The Indian rupee weakened towards 95.20 as crude prices approached $120, intensifying pressure on India’s import bill and sustaining near-term volatility.
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