India’s key equity benchmarks ended Thursday’s trading session with notable declines as instability in global oil prices weakened market sentiment and led to selling across several sectors.
The Nifty dropped by 0.95 per cent, losing 227.70 points to finish at 23,639.15. The Sensex also registered a fall of 1.08 per cent, shedding 829.29 points to close at 76,034.42.
Market analysts noted that the Nifty may find support near the 23,500 and 23,000 levels on the downside. Strong put open interest at these levels could help provide short-term stability.
On the higher side, experts identified 23,700 as the immediate resistance level, followed by 23,800. The 24,000 mark continues to remain a major supply zone for the index.
Within the Nifty50 basket, automobile companies recorded some of the sharpest losses during the trading session. Shares of Mahindra & Mahindra, Eicher Motors and Maruti Suzuki India were among the biggest laggards on the index.
Market sentiment was also influenced by developments in West Asia and rising concerns regarding global energy supplies.
Reports indicated that External Affairs Minister S Jaishankar held talks with his Iranian counterpart regarding maritime security and India’s energy interests.
According to the Ministry of External Affairs, the discussions focused on ensuring safe shipping routes.
Iran reportedly assured that vessels flying the Indian flag would be allowed to pass safely through the Strait of Hormuz, one of the world’s most important oil transit passages.
The broader market followed the trend of the benchmark indices and ended the day lower. The Nifty Midcap 100 index slipped by 0.37 per cent, while the Nifty Smallcap 100 index declined by 0.69 per cent.
Among sectoral indices, the Nifty Auto index emerged as the worst performer. Concerns over possible gas supply restrictions and a wider fuel shortage weighed on the outlook for the automotive sector.
The Nifty FMCG and Nifty Realty indices also recorded declines during the session.
However, the Nifty Oil & Gas index was the top-performing sector of the day, supported by rising international crude oil prices.
Meanwhile, the Indian rupee managed to regain some ground after touching a historic low earlier. Support from the central bank and easing oil prices helped stabilise the currency.
Experts stated that the USD/INR pair faces resistance near the 92.50 level, while support is likely around 91.60.
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