Indian benchmark indices began Monday’s trading session on a weak note, reflecting negative global market trends and rising crude oil prices.
Investors remained cautious as geopolitical tensions in the Middle East continued to intensify.
The Sensex slipped by more than 500 points to touch an intraday low of 77,591, while the Nifty fell 144 points to 24,190.05 during early trading.
Private banking stocks led the market decline, with the Nifty Private Bank index dropping over 2 per cent. The Nifty Realty index also traded lower, losing more than 1 per cent.0
Buying interest supported a few sectors. The Nifty PSU Bank index gained around 1 per cent, while the Pharma, Healthcare, Metal and Oil & Gas indices also remained in positive territory.
Among the major Nifty stocks, HDFC Bank, Axis Bank, Kotak Mahindra Bank, IndiGo and Shriram Finance recorded the sharpest declines.
Market analysts believe the broader market structure remains positive despite the weak opening. They expect investors to accumulate quality stocks if prices decline further, supported by favourable derivatives positioning.
Analysts see the 24,100 mark as the Nifty’s immediate support level, while 24,500 is likely to serve as the next major resistance.
Crude oil prices rallied after renewed military exchanges between the United States and Iran heightened concerns over the Middle East.
Brent crude climbed close to 90 dollars a barrel, while US West Texas Intermediate (WTI) crude advanced above 85 dollars a barrel.
Iran stated that the ceasefire had effectively ended. The announcement fuelled concerns over possible disruptions to oil shipments through one of the world’s busiest maritime routes.
Asian stock markets delivered mixed performances during Monday’s session.
Japan’s Nikkei and South Korea’s Kospi declined by more than 4 per cent each. In contrast, Hong Kong’s Hang Seng gained about 2 per cent.
China’s Shanghai Composite and Indonesia’s Jakarta Composite also traded with gains of up to 1 per cent.
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