Domestic equity markets, Sensex and Nifty, continued their downward trajectory on Wednesday as mounting tensions in the Middle East unsettled participants.
Concerns about the ongoing friction between the United States and Iran prompted investors to adopt a cautious approach, leading to widespread selling pressure.
The BSE Sensex dropped 1,122.66 points, or 1.40 per cent, finishing at 79,116.19 — its weakest close in ten months. The NIFTY 50 declined 1.6 per cent, losing 385.2 points to end the session at 24,480.5, marking a six-month low.
Analysts highlighted the 24,300–24,200 range as immediate support for the Nifty. A sustained fall below this corridor could intensify the downturn towards the psychological threshold of 24,000.
On the recovery side, the index faces resistance near 24,600, followed by a stronger barrier in the 24,900–25,000 band. A close above these levels would be required to restore positive market sentiment.
Mid- and small-cap stocks experienced sharper corrections compared to the frontline indices. The Nifty MidCap gauge retreated 2.2 per cent, while the Nifty SmallCap index slipped 2.1 per cent, signalling risk aversion across the broader market.
Sectoral performance reflected the cautious mood. Metal shares led the declines, with the Nifty Metal index recording the steepest fall.
PSU banking and real estate counters also faced notable pressure. Conversely, the Nifty IT index posted gains, supported by buying interest in select technology majors.
Within the Sensex basket, Bharti Airtel emerged as the top performer, followed by Infosys and Tech Mahindra, which were the only constituents to close higher.
On the losing end, Tata Steel registered the sharpest drop. It was trailed by declines in Larsen & Toubro, Bajaj Finance, UltraTech Cement, NTPC Limited and InterGlobe Aviation.
Market observers noted that escalating geopolitical risks have undermined confidence, encouraging investors to reduce exposure and shift towards defensive positions. They further warned that continued instability overseas may sustain elevated volatility in the sessions ahead.
Also Read: Indian Rupee Hits Record Low Past 92 Per Dollar As Oil Prices Climb
To read more such news, download Bharat Express news apps
