Sensex Falls 456 Points, Nifty Closes Below 24,600 as Global Tensions Weigh on Markets
Mumbai — Indian equity benchmarks ended lower Friday as selling in financial and private banking stocks and concerns over rising geopolitical tensions weighed on investor sentiment.
The Sensex fell 455.59 points, or 0.58%, to close at 78,499.17, while the Nifty declined 65.35 points, or 0.27%, to 24,570.65.
Financial stocks were among the biggest drags on the market, with the Nifty Financial Services and Nifty Private Bank indices emerging as the weakest major sectoral gauges during the session.
Among Nifty stocks, Bajaj Finance, Bajaj Finserv and Trent were among the biggest laggards.
Broader markets performed relatively better. The Nifty MidCap index gained 0.22%, while the Nifty SmallCap index slipped 0.05%.
Auto and information technology stocks provided some support, with the Nifty Auto and Nifty IT indices ranking among the session’s strongest-performing sectors and helping limit losses in the benchmark indices.
Market analysts said investors remained cautious amid geopolitical uncertainty and continued to reduce exposure to financial stocks.
From a technical perspective, analysts said the 24,600 to 24,700 range remains an important resistance zone for the Nifty, while 24,500 is a key near-term support level.
“On the downside, 24,500 remains the crucial immediate support. A decisive break below this level could trigger further profit booking and drag the index towards the 24,400–24,300 region,” an analyst said.
Despite broader weakness in financial shares, analysts pointed to State Bank of India’s performance as a positive signal for the banking sector.
“Notably, SBI’s strong performance, underpinned by healthy credit growth, improving asset quality and resilient margins, has reinforced confidence in the banking and PSU banking segments, offering an important pillar of support to the broader market outlook,” a market expert said.
Overall sentiment remained subdued as concerns over international developments outweighed gains in select sectors and kept investors in a risk-off mood. (Source: IANS)
