Indian equity markets ended Tuesday’s session on a flat note, with the Nifty closing marginally higher by 11.30 points at 24,364.85 and the Sensex inching up 27 points to settle at 78,520.30. Experts highlighted the critical resistance band of 24,400–24,500 for the Nifty’s technical outlook. They emphasized the need for a decisive breakout above this range to extend the rally.
Market experts pointed out that the 24,200 level serves as immediate support for the Nifty, backed by the 50-day moving average. They also noted the crucial demand area of 24,100–24,000, supported by strong positioning data and previous price structure. Both indices traded positively for most of the session but lost momentum towards the close due to uncertainty surrounding the US-Iran situation.
Market volatility surged sharply, with the India VIX rising by 10.5% to 19.01. Jio Financial Services, Hindalco Industries, and Tata Motors were the top laggards among index constituents, pulling the benchmarks lower. In terms of sectors, PSU banking and media stocks showed resilience, outperforming the broader market, while IT and realty counters faced notable selling pressure.
The subdued market close was influenced by renewed tensions in West Asia, triggered by the United States Navy seizing an Iranian-flagged cargo vessel in the Gulf of Oman. This incident, along with reports of Iran firing at commercial vessels in the Strait of Hormuz, raised concerns about potential disruptions in global oil supply. Analysts highlighted that while domestic fundamentals remain strong, global geopolitical developments, particularly around the US-Iran conflict, continue to impact short-term market direction.
