Indian benchmark indices closed lower on Friday due to escalating tensions between the United States and Iran, causing caution among investors. The decline was driven mainly by banking stocks, although the IT sector’s gains helped mitigate losses. The Nifty finished 0.62% down at 24,176.15, and the Sensex closed 0.66% lower at 77,328.19.
Commenting on the Nifty’s technical outlook, experts noted that the 24,250–24,300 level acts as a key resistance zone. Breaking above this range could boost momentum towards the broader hurdle near 24,400–24,500 levels. Maintaining the support zone at 24,100–24,000 is crucial for the market’s current structure, according to analysts.
Top gainers on the Nifty index included Titan, Apollo Hospitals Enterprise, and Asian Paints, which outperformed despite market weakness. Conversely, SBI, Coal India, HDFC Bank, Axis Bank, and Bajaj Finance were among the top losers. Banking sectors faced significant pressure, with Nifty PSU Bank, Nifty Private Bank, and Nifty Bank indices performing poorly as investors reduced exposure to financial stocks amid global uncertainties.
In contrast, the Nifty IT index stood out, driven by defensive buying and expectations of steady demand for technology services. Oil prices rose, with Brent crude futures climbing to $100.72 per barrel on the Intercontinental Exchange. This increase raised concerns about inflation and potential economic pressures on oil-importing countries like India. Renewed tensions between the US and Iran near the Strait of Hormuz led to market pessimism after Iran accused the US of violating the ceasefire agreement.
