Indian Stocks Fall for Third Straight Session as Sensex Hits 10-Month Low
MUMBAI — Indian stock markets declined for a third consecutive session on Wednesday as rising tensions in the Middle East, particularly the escalating conflict between the United States and Iran, rattled investor sentiment and triggered widespread selling.
The benchmark Nifty 50 index fell 385.2 points, or 1.6 percent, to close at 24,480.5, while the Sensex dropped 1,122.66 points, or 1.40 percent, to settle at 79,116.19.
The selloff pushed the Sensex to its lowest level in 10 months and dragged the Nifty to a more than six-month low as traders turned cautious amid growing geopolitical uncertainty.
Analysts said the market could face further downside if key technical levels fail to hold.
“Immediate support is placed around 24,300–24,200, and a decisive breakdown below this region could accelerate the decline toward the 24,000 psychological level,” one market expert said.
“On the upside, 24,600 acts as the immediate resistance, followed by a stronger supply zone near 24,900–25,000, which must be reclaimed on a closing basis to restore positive sentiment,” another analyst said.
Broader markets performed even worse than the main indices. The Nifty MidCap index dropped 2.2 percent, while the Nifty SmallCap index fell 2.1 percent, reflecting broader weakness across the market.
Sectoral indices were also largely in the red, with metal stocks leading the losses. The Nifty Metal index recorded the steepest decline of the day, followed by the Nifty PSU Bank and Nifty Realty indices.
The Nifty IT index was the only sector to finish the session in positive territory, supported by gains in select technology stocks.
Among Sensex components, Bharti Airtel emerged as the top gainer, followed by Infosys and Tech Mahindra. These were the only three stocks that closed higher despite the broader market downturn.
On the losing side, Tata Steel was the biggest laggard. Other major decliners included Larsen & Toubro, Bajaj Finance, UltraTech Cement, NTPC and InterGlobe Aviation, the parent company of IndiGo airline.
Market watchers said investors are closely monitoring global developments, particularly geopolitical tensions in the Middle East, which could keep volatility elevated in the near term.
“The surge in geopolitical uncertainty weighed heavily on investor confidence, leading to aggressive unwinding of positions and a defensive shift in market participation,” a market expert said. (Source: IANS)
