Indian equity markets posted moderate losses in early trade on Wednesday as investor sentiment remained cautious amid the ongoing conflict involving the United States, Israel and Iran, along with the prolonged closure of the Strait of Hormuz.
At around 9:25 AM, the BSE Sensex was down 109 points, or 0.14 per cent, at 78,096, while the Nifty 50 slipped 26 points, or 0.11 per cent, to 24,234.
Broader markets, however, showed resilience. The Nifty Midcap 100 gained 0.72 per cent, and the Nifty Smallcap 100 rose 0.85 per cent, diverging from the benchmark indices.
Most sectoral indices traded in positive territory, except FMCG, financial services and private banks. Private banks led the losses, declining 0.73 per cent. Media, metal and consumer durables stocks were among the top performers, rising 1.52 per cent, 1.58 per cent and 1.25 per cent, respectively.
Key Levels
Analysts said the near-term resistance for Nifty is placed at the 24,370–24,416 range, while strong support lies between 23,700 and 24,080.
Derivative data from the previous session indicated that foreign investors and proprietary traders remained positive, while retail investors turned bearish.
Analysts place resistance for Nifty Bank near the 57,200–57,300 zone, while support lies around 56,600–56,700.
Market sentiment also remained unsettled due to fading hopes for an early end to the US-Israel war on Iran and rising stagflation concerns following threats of retaliation from President Donald Trump after reports that Iran mined the Strait of Hormuz.
Oil prices, which earlier in the week touched $120 a barrel, dropped below $90 amid reports that several countries could tap emergency crude reserves to offset supply disruptions. International Brent Crude was down 0.44 per cent at $87.39 per barrel in early trade.
In Asian markets, Shanghai gained 0.05 per cent, Shenzhen rose 0.85 per cent, Japan’s Nikkei 225 jumped 2.48 per cent, Hong Kong’s Hang Seng Index advanced 0.33 per cent, and South Korea’s Kospi surged 3.41 per cent.
US markets ended mixed overnight as the Nasdaq Composite added 0.01 per cent, while the S&P 500 fell 0.21 per cent and the Dow Jones Industrial Average declined 0.07 per cent.
On March 10, foreign institutional investors sold equities worth Rs 4,685 crore, while domestic institutional investors purchased shares worth Rs 6,250 crore.
Also Read: Petrol, Diesel Prices Unlikely To Rise In India Despite Crude Oil Crossing $110
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