Mumbai: Indian equity markets ended Tuesday’s session on a flat note, with benchmark indices giving up most of their intra-day gains amid rising geopolitical concerns in West Asia that dampened investor sentiment.
The Nifty closed marginally higher by 11.30 points, or 0.05 per cent, at 24,364.85, while the Sensex inched up 27 points, or 0.03 per cent, to settle at 78,520.30.
Commenting on Nifty technical outlook, experts said that going forward, the 24,400–24,500 zone remains a critical resistance band.
“A decisive breakout above this range is required to extend the rally toward 24,850 and eventually the 25,000 psychological mark, where significant supply is expected,” an analyst added.
“On the downside, 24,200 acts as immediate support, aligned with the 50-day moving average. Below this, the 24,100–24,000 zone remains a crucial demand area supported by strong positioning data and previous price structure,” a market expert noted.
Both indices had traded in positive territory for most of the session but lost momentum toward the close as uncertainty surrounding the US-Iran situation weighed on risk appetite.
Market volatility spiked sharply, with the India VIX surging 10.5 per cent to 19.01.
Among index constituents, Jio Financial Services, Hindalco Industries and Tata Motors emerged as the top laggards, dragging the benchmarks lower.
On the sectoral front, PSU banking and media stocks showed resilience and outperformed the broader market, while IT and realty counters witnessed notable selling pressure.
The subdued close comes against the backdrop of renewed tensions in West Asia after the United States Navy seized an Iranian-flagged cargo vessel in the Gulf of Oman.
The development followed reports of Iran firing at commercial vessels passing through the Strait of Hormuz, a critical global oil transit route.
These incidents have cast fresh doubts over the prospects of upcoming diplomatic talks between the United States and Iran, raising concerns about potential disruptions in global oil supply and adding to market uncertainty.
Analysts noted that while domestic fundamentals remain supportive, global geopolitical developments continue to influence short-term market direction, keeping investors on edge.
“Renewed geopolitical tensions, particularly around the US–Iran conflict, intensified concerns after reports of disruptions impacting energy infrastructure,” an analyst stated.
(IANS)
