Indian equity markets opened lower on Friday as geopolitical tensions and rising crude oil prices weighed on investor sentiment.
The BSE Sensex fell 516 points, or 0.68 per cent, to 75,517 at around 9:25 AM. The Nifty 50 slipped 174 points, or 0.74 per cent, to 23,464.
Market participants attributed the decline to the surge in crude oil prices linked to tensions between the United States and Iran, which raised concerns about global economic stability and inflation.
Broader markets also witnessed weakness. The Nifty Midcap 100 declined 0.84 per cent, while the Nifty Smallcap 100 fell 1.08 per cent, indicating cautious investor sentiment.
Most sectoral indices traded in the red during early trade. The Nifty FMCG index was the only gainer, rising 0.41 per cent.
Meanwhile, Nifty Metal emerged as the worst performer, dropping 1.84 per cent, followed by Nifty IT and Nifty Media, which declined 1.18 per cent and 1.17 per cent, respectively.
Analysts say the near-term resistance for the Nifty stands around the 23,800 mark, while the 23,600 level provides immediate support.
For the Bank Nifty, analysts place resistance in the 55,600–55,700 range and expect support to emerge around 54,700.
Geopolitical tensions in the Middle East added to market volatility. Mojtaba Khamenei warned that the Strait of Hormuz should remain closed and suggested Iran could open additional fronts if the conflict continues.
Despite the tensions, analysts said India maintains a strong energy buffer with around 50–60 days of crude and refined fuel supply.
Global markets also showed weakness. China’s Shanghai Composite and Shenzhen indices slipped, while Japan’s Nikkei 225, Hong Kong’s Hang Seng and South Korea’s Kospi recorded losses.
US markets closed sharply lower overnight, reflecting rising global uncertainty.
Also Read: Global Oil Prices Ease After US Announces 30-Day Waiver For Russian Oil Purchases
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