Indian equity benchmarks finished notably lower on Friday as geopolitical anxiety in West Asia unsettled investor sentiment. The benchmark indices, BSE Sensex and Nifty 50, recorded steep declines amid concerns surrounding the intensifying US-Israel and Iran conflict, which entered its seventh day.
At the closing bell, Sensex dropped 1,097 points, or 1.37 per cent, settling at 78,918. Nifty slipped 315 points, or 1.27 per cent, ending the session at 24,450.
Banking stocks faced significant pressure as Nifty Bank fell 2.15 per cent to close at 57,783.
The broader market indices also moved in tandem with the benchmarks. The Nifty Midcap 100 declined 0.63 per cent.
Meanwhile, the Nifty Smallcap 100 slipped 0.11 per cent. The Nifty Next 50 eased by 0.34 per cent.
Despite widespread selling pressure, micro-cap stocks demonstrated relative resilience. The Nifty Microcap 250 edged down only 0.08 per cent.
Sectoral performance largely remained negative. Banking and real estate stocks suffered the steepest declines.
The private banking index dropped 2.19 per cent, while PSU banks slipped 2.11 per cent. Realty shares also declined 1.91 per cent.
In contrast, FMCG and information technology stocks managed modest gains, providing limited support to the market.
Interestingly, several defence companies and select public sector enterprises witnessed strong buying interest. Some of these stocks rallied as much as 9 per cent on the National Stock Exchange.
Market breadth remained weak. Out of 4,357 stocks traded on the Bombay Stock Exchange, 1,833 advanced, while 2,355 declined.
Another 169 shares ended unchanged. During the session, 180 stocks touched the upper circuit limit, whereas 162 stocks hit the lower circuit.
Currency markets also reflected cautious sentiment. The Indian rupee weakened 0.09 per cent to close at 91.84 against the US dollar.
Oil prices surged sharply after Iran reportedly launched missiles and drones across the Gulf, striking a refinery in Bahrain.
Brent Crude climbed above $86 during intraday trading, while WTI Crude Oil settled above $81 per barrel after jumping 8.5 per cent overnight.
Volatility rose significantly as India VIX jumped more than 11 per cent, signalling growing investor caution.
Analysts now view 24,500 as a crucial support level for Nifty, while resistance for Nifty Bank stands near 58,500 and 59,000.
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