Sensex Falls 1,092 Points as Late Sell-Off Hits Indian Markets
MUMBAI, India — Indian equity benchmarks ended sharply lower Friday after a volatile session, with heavy selling in the final hour dragging the market down amid uncertainty over a possible U.S.-Iran understanding.
The Sensex closed at 74,775.74, down 1,092.06 points, or 1.44%. The Nifty settled at 23,547.75, falling 359.40 points, or 1.50%.
The Nifty moved sharply during the session, rising to an intraday high of 24,002.80 before dropping to a low of 23,484.75. The Sensex also climbed earlier in the day to 76,220.02 before sliding to an intraday low of 74,589.11 as late selling intensified.
Analysts said a sustained break below the 23,500 level on the Nifty could weaken the near-term outlook and extend downside pressure toward the 23,300 to 23,200 range if selling continues.
“On the upside, the 23,750–23,800 zone is now expected to act as an immediate resistance band, followed by stronger resistance near the 24,000 level,” an analyst said.
Broader markets also declined. The Nifty MidCap 100 index fell 1.33%, while the Nifty SmallCap index slipped 0.85%.
Heavyweight stocks added to the pressure. Reliance Industries fell more than 2.18%, while ITC declined 1.71%, offsetting gains in technology shares.
IT stocks were among the few bright spots, with the Nifty IT index gaining more than 0.60%. Traders continued to favor technology counters after an overnight rally in U.S. tech stocks and weakness in the Indian rupee, which could support margins for export-oriented IT companies.
Analysts said the session showed how fragile market sentiment remains near higher resistance levels.
“The market witnessed broad-based selling pressure following the IMDs monsoon forecasts to 90 per cent of the long period average (LPA), raising concerns among investors,” an analyst said. (Source: IANS)
