Mumbai: Indian stock markets ended sharply lower on Friday, snapping a two-day winning streak, as uncertainty around ongoing talks between the United States, Israel and Iran unsettled investor sentiment.
The benchmark indices saw heavy selling pressure throughout the session. The Nifty fell 2.09 per cent, or 486.85 points, to close at 22,819.60. Similarly, the Sensex dropped 2.25 per cent, or 1,690.25 points, to settle at 73,583.22.
Commenting on Nifty outlook, experts said that technically, any rebound towards 23,500 could face selling pressure, as this level is likely to act as an immediate resistance.
“On the downside, a break below 22,800 may lead to further weakness in the market,” an analyst stated.
“Given the prevailing market uncertainties, a sell-on-rise approach may remain suitable in the near term,” a market expert mentioned.
Reliance Industries fell the most on Sensex by dropping 4.55 per cent. Bajaj Finance, IndiGo, Eternal and HDFC Bank was among top losers on 30-share pack.
On the other hand, TCS, Bharti Airtel and Power Grid were only three stocks which managed to close in green.
The broader markets also ended in the red, though they showed relatively better resilience compared to the frontline indices.
The Nifty MidCap index declined 2.24 per cent, while the SmallCap index slipped 1.88 per cent by the end of the session.
Among sectoral indices, PSU banks faced the most pressure and emerged as the top losers.
Realty and auto stocks also saw significant declines, dragging overall market sentiment.
On the other hand, the IT sector managed to limit losses and emerged as the best-performing segment for the day, offering some support to the market amid the broader sell-off.
The sharp fall reflects rising caution among investors as global uncertainties continue to weigh on market sentiment.
“Indian markets witnessed a sharp and uneasy session, with heavyweight energy stocks leading the decline amid a complex mix of policy changes, rising crude prices, and persistent geopolitical uncertainty,” a market added.
(IANS)
