Indian equity benchmark indices extended their losing streak for a fourth consecutive session on Thursday as rising crude oil prices, fuelled by escalating tensions between the United States and Iran, weakened investor sentiment and increased concerns over inflation.
The BSE Sensex fell 364 points, or 0.47 per cent, to close at 76,391.39, while the NSE Nifty declined 127 points, or 0.53 per cent, to settle at 23,869.60.
Market experts said the 24,000 level, which previously served as a crucial support for the Nifty, has now become an immediate resistance, reinforced by the highest Call Open Interest at that strike price.
Analysts placed strong resistance at 24,200 and immediate support at 23,800, warning that a break below this level could push the Nifty towards 23,700 and 23,500.
Investors also sold banking, real estate and oil-linked stocks, leading the broader market decline.
The Nifty Realty index emerged as the worst-performing sector, dropping 1.81 per cent, followed by the Nifty PSU Bank index, down 1 per cent, and the Nifty Bank index, which slipped 0.94 per cent.
The Nifty Chemical and Nifty Oil & Gas indices also ended lower amid concerns over rising energy costs.
Nifty Auto and Media ended higher, while Nestle India, Shriram Finance, Bajaj Finance, IndiGo, Axis Bank and Reliance Industries led the losers.
Mahindra & Mahindra, TCS, Eternal, HCL Technologies and Bajaj Finserv gained as investors remained cautious over Middle East tensions.
Higher crude oil prices have renewed concerns over inflation, corporate earnings and the broader economic outlook, prompting investors to adopt a risk-averse approach.
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