Sensex Falls 561 Points as West Asia Tensions Weigh on Markets
Mumbai–Indian stocks ended sharply lower Tuesday as escalating geopolitical tensions in West Asia triggered broad-based selling, led by public-sector bank, real estate and automobile shares.
The Sensex fell 561.46 points, or 0.72%, to close at 77,054.94. The Nifty declined 159 points, or 0.66%, to settle at 24,052.05.
Market analysts said the Nifty remained range-bound after opening lower as weekly options on the National Stock Exchange expired. The index found support near the previous session’s low and remained above a falling trendline.
“In the short term, the outlook is likely to remain positive as long as the index stays above 23,950. On the higher side, it may advance towards the 24,250–24,300 zone,” an analyst said.
“However, a decisive fall below 23,950 could weaken the current bullish setup and trigger a phase of consolidation,” the analyst added.
Investor sentiment remained weak as concerns over developments in West Asia prompted profit-taking across major sectors, despite gains in some defensive stocks.
HCLTech, Shriram Finance and HDFC Life Insurance Company were among the biggest losers on the Nifty and weighed on the benchmark index.
The broader market also declined, with the Nifty MidCap index falling 0.44% and the Nifty SmallCap index dropping 1.01%.
Most sectoral indices closed lower. The Nifty Realty, Nifty PSU Bank and Nifty Auto indices posted the steepest declines, while the Nifty Pharma index gained as investors shifted toward defensive shares.
“Looking ahead, all eyes are now on the US Fed Chair, whose upcoming remarks could set the tone for global rate expectations. Meanwhile, the Q1 earnings season rolls on a positive note but rapid increase in geopolitical risk has dampened the sentiment,” a market analyst said. (Source: IANS)
