- Nifty slipped below 24,200, trading at 24,156.05, while Sensex was down 293.85 points at 77,414.67 amid broad-based selling in IT and private banking stocks.
- Sensex opened down 90 points and Nifty down 20 points on Tuesday, reflecting ongoing market volatility.
- US-Iran tensions have contributed to the decline in Indian equity markets, prompting investors to adopt a cautious approach.
- Nifty closed at 24,238.50 and Sensex at 77,708.52 on Monday, indicating a decline from previous levels.
- Crude oil prices have risen nearly 30% from their July lows due to the intensifying US-Iran conflict, impacting market sentiment.
- Immediate support for Nifty is placed at 24,100, with a breach of this level potentially accelerating declines towards 24,000.
Indian equity benchmarks faced significant declines on Tuesday, with the Nifty slipping below 24,200 and the Sensex shedding 250 points, primarily due to weakness in IT and banking stocks. The Nifty50 fell 82.45 points to 24,156.05, while the Sensex dropped 293.85 points to 77,414.67 by mid-afternoon.124
The IT sector was notably impacted, with Infosys leading the decline, down 1.39% to ₹1,072, and HDFC Bank falling 1.38% to ₹766.85, marking it as the most actively traded stock by value. Despite this, the broader market showed resilience, with the Nifty Midcap 100 and Nifty Small Cap 100 indices up 0.22% and 0.34%, respectively.
Market analysts noted that the 24,030–24,050 zone serves as crucial support for the Nifty, with a potential drop below this level indicating further declines towards 23,880–23,900. Conversely, a rise above 24,280 could lead to a rally towards 24,440.
The recent market volatility is attributed to geopolitical tensions in the Middle East, particularly the escalating US-Iran conflict, which has influenced investor sentiment and contributed to fluctuations in crude oil prices. Crude oil prices have surged nearly 30% from July lows, further complicating market dynamics.5
As investors remain cautious, the trajectory of crude oil prices and ongoing geopolitical developments are expected to dictate market direction in the near term.
“Crude oil has surged nearly 30% from July lows as US-Iran tensions escalate, yet domestic institutions absorbed ₹1,312 crore in net buying on Monday. The Nifty's immediate support is placed at 24,100, with a breach potentially accelerating declines toward the 24,000 mark.”
