Indian benchmark equity indices extended losses for the second consecutive trading session on Tuesday as escalating tensions in West Asia and surging crude oil prices triggered widespread selling pressure across sectors.
The Sensex plunged 1,456.04 points, or 1.92 per cent, to close at 74,559.24. The Nifty also dropped 436.3 points, or 1.83 per cent, and settled below the crucial 23,400 mark at 23,379.55.
Market experts stated that 23,300 now serves as the immediate support zone for the Nifty, followed by 23,100, where significant Put Open Interest concentration remains visible.
Analysts further identified the 23,000 level as a critical psychological support area.
On the upside, analysts said 23,500 has turned into immediate resistance after the recent breakdown, while 23,800 continues to witness strong supply pressure and high Call Open Interest concentration.
Among Sensex constituents, State Bank of India emerged as the only stock to close in positive territory.
Technology counters witnessed sharp declines, with Tech Mahindra, HCL Tech, Titan and TCS falling up to 4.44 per cent.
Investor sentiment weakened further after Prime Minister Narendra Modi urged citizens to reduce energy consumption, foreign travel and gold purchases amid mounting geopolitical uncertainty and elevated crude oil prices.
Broader markets remained under severe pressure. The Nifty MidCap index declined 2.54 per cent, while the Nifty SmallCap index tumbled 3.17 per cent.
Sector-wise, information technology and real estate stocks emerged as the worst performers. However, metal, oil and gas shares outperformed due to higher commodity prices.
Analysts said volatility linked to crude oil prices and geopolitical uncertainty may continue to pressure markets in the near term.
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