Indian equity benchmarks ended lower on Monday as escalating tensions linked to the conflict between the United States and Iran dampened investor confidence.
Market participants adopted a cautious stance amid uncertainty in global energy markets and geopolitical developments.
The BSE Sensex closed at 77,566.16, declining 1,352.74 points or 1.71 per cent. Meanwhile, the Nifty 50 settled at 24,028.05, dropping 422.40 points or 1.73 per cent.
The Nifty also formally entered the technical correction zone after sliding more than 10 per cent from its record peak of 26,373 reached on January 5.
Despite the steep fall, both indices managed to recover from their intraday lows as crude oil prices softened during trading hours.
The Nifty rebounded nearly 160 points from the day’s low of 23,868.05. Similarly, the Sensex recovered about 1,142 points from its intraday low of 76,424.55.
Broader markets underperformed the benchmark indices. The Nifty MidCap Index declined 1.97 per cent, while the Nifty SmallCap Index dropped 2.22 per cent, reflecting broader selling pressure.
Sector-wise, the Nifty PSU Bank Index emerged as the worst performer, plunging 3.97 per cent amid heavy selling in public sector banking stocks.
In contrast, the Nifty IT Index displayed relative resilience and ended marginally higher, rising 0.08 per cent to 30,162.05.
Market analysts highlighted that 23,700-23,600 remains immediate support for the Nifty.
A break below this range may extend losses toward 23,400-23,300. On the upside, resistance stands near 24,300, followed by a stronger barrier at 24,600.
Experts said geopolitical tensions and movements in crude oil prices will continue to shape investor sentiment in the near term.
Also Read: Oil Prices Surge Past $100 As Iran Conflict Disrupts Strait Of Hormuz
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