Sensex, Nifty Close Lower as Rising Crude Prices Weigh on Markets
MUMBAI, India — Indian equity benchmarks closed lower Thursday as rising crude oil prices and escalating tensions between the United States and Iran pressured investor sentiment.
The Nifty fell 180.10 points, or 0.74%, to close at 23,997.55, while the Sensex declined 582.86 points, or 0.75%, to settle at 76,913.50.
Analysts said the Nifty faces immediate resistance in the 24,100–24,150 range, followed by a stronger hurdle near 24,300–24,400.
“On the downside, the 23,800 level continues to act as a key support, where buying interest has emerged, preventing further decline,” an analyst said.
Market weakness followed a cautious turn in global sentiment after Brent crude prices surged. Reports that the U.S. had rejected Iran’s peace proposal and moved to intensify a blockade at the Strait of Hormuz raised concerns about potential supply disruptions and renewed inflationary pressure.
On the Nifty, Tata Motors Passenger Vehicles, Eternal and Hindalco Industries were among the top losers.
Broader markets also finished in negative territory. The Nifty MidCap index fell 0.98%, while the Nifty SmallCap index slipped 0.48%.
Sector performance was mixed. Defensive areas such as IT and pharma outperformed the broader market, while cyclical sectors came under heavier selling pressure. Metal and construction durable stocks were among the worst hit, weighed down by concerns over rising input costs and global uncertainty.
Analysts said geopolitical tensions and higher crude prices overshadowed pockets of resilience in IT and pharma stocks, leaving the market on a weak footing.
The rupee also weakened toward 95.20 against the dollar as crude prices near $120 a barrel worsened concerns over India’s import bill.
“Near-term, support is seen around 95.45, while resistance is placed near 94.60, with volatility expected to remain elevated,” an analyst said. (Source: IANS)
