Sensex Falls 539 Points, Nifty Ends at 24,090 Amid Global Tensions
Mumbai — Indian stock markets ended sharply lower Thursday as continued uncertainty surrounding negotiations over the Strait of Hormuz weighed on investor sentiment.
The Sensex fell 539 points, or 0.70%, to close at 76,933, while the Nifty declined 116 points, or 0.48%, to finish at 24,090.
The Nifty Bank index dropped 273 points, or 0.47%, to settle at 57,509.
“Expiry-led volatility and the lack of a diplomatic breakthrough in the Middle East continue to keep markets range-bound in the near term. While a degree of higher energy prices is largely factored into earnings expectations, the recent moderation in crude oil prices and long-term bond yields is supporting the inflation outlook,” an analyst said.
Broader markets also ended lower. The Nifty Midcap 100 lost 0.10%, while the NSE Smallcap 100 declined 0.13%. The Nifty Next 50 fell 0.21%.
Most sectoral indices on the NSE closed in negative territory, with private banks, pharma and consumer durables among the few sectors posting marginal gains.
Cement, media, metals and public-sector banks were among the biggest laggards. The Nifty Cement index fell 1.33%, while PSU Bank declined 0.94%, Media dropped 0.89% and Metals lost 0.86%.
Analysts said the Nifty’s move below a rising channel on the daily chart indicated increasing bearish pressure. The index has also fallen below its 50-day exponential moving average, signaling weakening momentum.
The Indian rupee weakened against the U.S. dollar, trading near 95.50 after touching a 10-day low of 95.40 in the previous session.
“Meanwhile, FII inflows and resilient earnings momentum remain supportive for Indian equities, particularly mid-caps, where several segments are relatively insulated from global uncertainties and continue to benefit from strong domestic demand trends,” a market participant said.
Investors are also watching the U.S. Federal Reserve chair’s upcoming Jackson Hole address for clues about inflation, interest rates and the broader policy outlook, which could influence global risk sentiment and capital flows into emerging markets. (Source: IANS)
