New Delhi: Indian benchmark indices ended sharply lower on Tuesday as escalating geopolitical tensions in the Middle East weighed heavily on investor sentiment after fresh US strikes in southern Iran reduced hopes of a possible peace deal.
The Nifty settled at 23,913.7, down 118 points or 0.49 per cent, while the Sensex closed at 76,009.7, declining 479.26 points or 0.63 per cent.
Commenting on Nifty technical outlook, experts said that 24,000 now becomes the immediate resistance level after the classic role reversal from support to resistance.
“Above this, 24,100 remains another key hurdle where higher Open Interest (OI) build-up is visible, indicating active Call writing and supply pressure from institutional participants,” an analyst stated.
“On the downside, 23,850 acts as the immediate support level for the index. Below this, the broader 23,500–23,600 zone continues to remain a critical demand area backed by significant Put OI concentration,” as per the analyst.
Trent, TCS, Bajaj Finance and Bharti Airtel were top loser on Sensex pack. On the other hand, Adani Ports, Eternal and Tech Mahindra led the gains on Sensex.
Among the top losers in the Nifty index were Apollo Hospitals Enterprise, Wipro and Bharti Airtel.
Sector-wise, the Nifty Consumer Durables index emerged as the worst performer, ending more than 1 per cent lower.
The Nifty Financial Services and Nifty Private Bank indices also witnessed notable declines amid broad-based weakness in banking and financial stocks.
However, the broader markets showed resilience despite volatility in frontline indices. The Nifty MidCap index ended 0.54 per cent higher after touching a fresh high during the trading session, while the Nifty SmallCap index gained 0.35 per cent.
Metal and chemical stocks outperformed the broader market, with the Nifty Metal and Nifty Chemical indices closing in positive territory, helping limit losses in the broader market segment.
Market sentiment turned cautious after reports said the United States carried out fresh defensive strikes in southern Iran on Tuesday morning despite ongoing negotiations.
According to reports citing the US Central Command, the strikes were aimed at protecting American troops from Iranian forces.
The uncertainty surrounding the geopolitical situation triggered selling pressure across key sectors, particularly in consumer durables and financial stocks.
Analysts said investors remained cautious due to rising geopolitical uncertainty and its potential impact on global markets, crude oil prices and risk sentiment.
(IANS)
