Sensex, Nifty Close Lower as Iran-Hormuz Tensions Weigh on Markets
Mumbai — Indian benchmark indices ended lower Monday as escalating tensions involving Iran and the Strait of Hormuz weighed on investor sentiment ahead of expected new U.S. sanctions against Tehran.
The Sensex fell 171.72 points, or 0.22%, to close at 77,369.11, while the Nifty declined 32.95 points, or 0.14%, to settle at 24,219.05.
Market sentiment weakened after Iran threatened to seize vessels and change transit rules governing the Strait of Hormuz, a critical route for global energy shipments. Investors remained concerned that further escalation could disrupt trade and energy supplies.
Analysts said the 24,300 level remains a key resistance area for the Nifty.
“A decisive and sustained breakout above 24,300 would be important to improve the technical setup and could pave the way towards 24,400–24,500,” an analyst said.
On the downside, the analyst said 24,145, near Monday’s session low, remains the immediate support level.
Selling pressure was seen in several heavyweight stocks, with SBI Life Insurance and Bajaj Finance among the major Nifty losers.
Broader markets were mixed. The Nifty MidCap index gained 0.13%, while the Nifty SmallCap index declined 0.26%.
Among sectors, the Nifty PSU Bank index posted the steepest decline, while the Nifty Metal index outperformed and provided some support to the broader market.
Analysts said Indian equities tracked weakness across Asian markets, with large-cap stocks underperforming the broader market.
Volatility is expected to remain elevated Tuesday as investors assess new U.S. sanctions against Iran and any potential response from Tehran. (Source: IANS)
