Sensex Plunges Nearly 1,700 Points as Middle East Tensions Rattle Markets
MUMBAI — Indian stock markets tumbled sharply on Friday, with benchmark indices posting steep losses as geopolitical tensions in the Middle East unsettled investor sentiment and triggered widespread selling.
The Sensex dropped 1,690.25 points, or 2.25 percent, to close at 73,583.22, while the Nifty fell 486.85 points, or 2.09 percent, ending the session at 22,819.60. The decline snapped a two-day winning streak for both indices.
Markets remained under pressure throughout the trading session as uncertainty surrounding ongoing discussions involving the United States, Israel, and Iran weighed heavily on investor confidence.
Analysts said technical indicators suggest limited upside in the near term. A rebound toward the 23,500 level on the Nifty could face resistance, while a break below 22,800 may trigger further weakness.
“Given the prevailing market uncertainties, a sell-on-rise approach may remain suitable in the near term,” a market expert said.
Heavyweight stocks led the downturn, with Reliance Industries falling 4.55 percent, making it the biggest drag on the Sensex. Bajaj Finance, IndiGo, Eternal, and HDFC Bank were also among the top losers in the 30-share index.
Only a handful of stocks managed to end higher, including TCS, Bharti Airtel, and Power Grid.
Broader markets also closed in negative territory but showed relatively more resilience. The Nifty MidCap index declined 2.24 percent, while the SmallCap index slipped 1.88 percent.
Among sectoral indices, public sector banks faced the steepest losses, emerging as the worst-performing segment. Realty and auto stocks also saw significant declines, adding to the overall weakness.
The IT sector, however, outperformed the broader market and limited losses, providing some support amid the sell-off.
Market participants attributed the sharp fall to a combination of rising crude oil prices, policy uncertainties, and escalating geopolitical risks.
“Indian markets witnessed a sharp and uneasy session, with heavyweight energy stocks leading the decline amid a complex mix of policy changes, rising crude prices, and persistent geopolitical uncertainty,” an analyst said.
The downturn highlights growing caution among investors as global developments continue to influence domestic market trends. (Source: IANS)
