Sensex, Nifty Fall for Fourth Straight Session as US-Iran Tensions Lift Oil Prices
Mumbai–Indian stocks ended lower for a fourth consecutive session Thursday as rising crude oil prices following renewed tensions between the United States and Iran weighed on investor sentiment.
The Sensex fell 364 points, or 0.47%, to close at 76,391.39, while the Nifty declined 127 points, or 0.53%, to settle at 23,869.60.
Market analysts said the Nifty’s 24,000 level, which had previously served as support, has become an immediate resistance point. The level is also supported by the highest call open interest at the 24,000 strike.
“A stronger resistance is placed near 24,200,” a market expert said.
On the downside, analysts identified 23,800 as immediate support. A sustained break below that level could intensify selling pressure and push the index toward 23,700, followed by 23,500, where the highest put open interest is concentrated.
Losses were broad-based, with banking, real estate and oil-related stocks facing significant selling pressure.
The Nifty Realty index was the session’s worst-performing sectoral gauge, falling 1.81%. The Nifty PSU Bank index declined 1%, while the Nifty Bank index dropped 0.94%.
The Nifty Chemical and Nifty Oil and Gas indices also ended lower as investors grew concerned about the impact of higher energy costs.
The Nifty Auto index outperformed the broader market with a gain of 0.70%, while the Nifty Media index also closed in positive territory.
Nestle India and Shriram Finance were among the biggest decliners on the Nifty.
Among Sensex companies, Bajaj Finance, IndiGo, Axis Bank and Reliance Industries recorded some of the steepest losses.
Mahindra & Mahindra, Tata Consultancy Services, Eternal, HCL Technologies and Bajaj Finserv were among the top gainers.
Analysts said sentiment remained cautious as investors evaluated the potential economic consequences of escalating tensions in the Middle East. Higher crude oil prices could add to inflationary pressures, squeeze corporate earnings and weigh on the broader economy. (Source: IANS)
