Stock Market Posts Sharpest Fall In More Than Three Months
Mumbai — Indian benchmark equity indices recorded their sharpest single-day decline in more than three months on Wednesday as escalating tensions in West Asia weighed on investor sentiment and triggered a broad-based selloff across sectors.
The Sensex plunged 1,677.12 points, or 2.15 percent, to close at 76,503.60. The Nifty dropped 516.65 points, or 2.12 percent, to settle at 23,882.05.
Market experts said the 24,000 level is now expected to act as the immediate resistance zone for the Nifty, followed by 24,200.
“A sustained move above these levels will be required to improve the near-term technical structure,” a market expert said.
“On the downside, the 23,800 zone remains a crucial support level. A decisive break below this region could intensify selling pressure and drag the index towards the 23,600–23,500 zone,” a market analyst said.
The sharp decline came as renewed geopolitical uncertainty in West Asia rattled global financial markets and weakened risk appetite.
Investor concerns intensified after U.S. President Donald Trump said the ceasefire with Iran was over, although negotiations could continue following an exchange of strikes by both sides in the Strait of Hormuz.
The heightened tensions prompted investors to reduce exposure to equities, resulting in widespread losses across the market.
Among Nifty constituents, Jio Financial Services, InterGlobe Aviation and Shriram Finance were the biggest laggards. Only four stocks in the benchmark index ended the session in positive territory, while the rest closed lower.
The decline was broad-based across sectors, with banking stocks facing the heaviest selling pressure. The Nifty PSU Bank and Nifty Bank indices were the worst-performing sectoral gauges during the session.
The Nifty Metal and Nifty Pharma indices outperformed other sectors despite ending lower, limiting their losses compared with the broader market. (Source: IANS)
