Domestic benchmark indices opened sharply lower on Monday, with the BSE Sensex and Nifty 50 each declining over 1% as escalating tensions in West Asia entered their fifth week, unsettling global markets.
The Sensex opened at 72,565, plunging more than 1,000 points or 1.38%, while the Nifty began the session at 22,549, down 267 points, reflecting broad-based selling pressure.
All sectoral indices traded in the red, led by PSU banks and chemical stocks, which fell nearly 3–4%. Realty, auto, and financial services sectors also witnessed declines of up to 3%.
Even traditionally defensive sectors such as FMCG, IT, and pharma slipped by as much as 2%, highlighting the widespread market weakness.
Since February 28, when the US-Israel-Iran conflict intensified, frontline indices have dropped nearly 10%, indicating sustained negative sentiment among investors.
In the latest escalation, Iran reportedly targeted an Israeli chemical facility, prompting Israel to retaliate with strikes on infrastructure in Tehran, further heightening geopolitical uncertainty.
Market experts noted that a bearish candlestick pattern signals continued weakness, with immediate support for the Nifty seen in the 22,450–22,500 range and resistance around 22,950–23,000.
They advised investors to adopt a disciplined approach, focusing on fundamentally strong stocks rather than chasing short-term rallies.
Analysts advised fresh long positions only if Nifty crosses 24,000, signalling recovery, and cautioned against leveraged overnight trades amid volatility.
Global cues remained weak as Brent crude rose to $116.70 and WTI to $103.38. US markets fell, with the S&P 500 down 1.67% and the Nasdaq about 2%, while Asian indices also declined sharply.
Also Read: Rising Oil Prices, Weak Rupee Push Sensex & Nifty Lower This Week
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