- In early trade, the Sensex jumped 626.43 points (0.79%) to 79,055.38 and the Nifty rose 62.70 points (0.25%) to 24,677.60; later, the Sensex settled 152.05 points (0.19%) higher at 78,581.00 and the Nifty was up 9.75 points (0.040%) at 24,624.65.
- Benchmark indices Sensex and Nifty gave up early gains and were trading in red after US President Donald Trump commented on Iran and the Strait of Hormuz.
- Trump said the Strait of Hormuz would reopen "very soon" and warned Iran it would face a "very strong strike" if the strategic waterway remained blocked; asked about Iran, he said, "We'll know in 48 hours."
- Profit booking was one of the cited reasons: profit booking emerged at higher levels after the sharp early rally as investors booked gains following initial buying momentum.
- Resistance near 24,700 weighed after the Nifty touched 24,677.60; analysts at Axis Securities called 24,700/24,772 the key resistance zones and 24,500 immediate support.
- Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, said investors were looking beyond geopolitical risks to corporate earnings, liquidity and domestic growth.
The BSE Sensex initially surged by 626.43 points to 79,055.38 but settled at 78,581.00, while the NSE Nifty peaked at 24,677.60 before closing at 24,624.65. Profit booking followed the early rally as investors reacted to Trump's remarks on Iran.1234789
Trump stated that the Strait of Hormuz would reopen "very soon" and warned of a "very strong strike" if it remained blocked. He added, "We'll know in 48 hours" regarding the situation with Iran.56
Analysts noted that the Nifty's resistance levels are at 24,700 and 24,772, with immediate support at 24,500. Hariselvan Radhakrishnan, CEO of HST Wealth, remarked, "Although global uncertainties have not completely receded, investors appear increasingly willing to look beyond near-term geopolitical risks and refocus on corporate earnings, liquidity conditions and domestic growth prospects."10
The market's decline reflects a broader concern over geopolitical tensions impacting investor sentiment, as profit booking emerged after the initial buying momentum.
“Axis Securities sees 24,700/24,772 as key resistance zones and 24,500 as immediate support, with a move above opening the way toward 24,900. HST Wealth's Hariselvan Radhakrishnan said investors are refocusing on corporate earnings, liquidity and domestic growth despite global uncertainties.”
