Indian stock markets faced a significant decline for the second consecutive day due to escalating tensions in West Asia and a surge in crude oil prices, leading to widespread selling across various sectors. The Sensex dropped by 1,456.04 points to close at 74,559.24, while the Nifty fell by 436.3 points to settle at 23,379.55.
Experts analyzing the Nifty’s technical outlook highlighted 23,300 as the immediate support level, with 23,100 showing significant Put OI concentration. They noted that the 23,000 mark remains a crucial support zone, historically attracting strong buying interest.
The recent market breakdown has positioned 23,500 as an immediate resistance level, followed by 23,800, where high Call OI concentration and supply pressure persist. SBI was the sole stock on the 30-share index to close in the green, with all others ending the session lower. Tech Mahindra, HCL Tech, Titan, and TCS were among the top losers, with declines of up to 4.44%.
The broader market witnessed a notable weakness, with the Nifty MidCap index falling by 2.54% and the Nifty SmallCap index tumbling by 3.17%. Information technology and real estate sectors experienced significant declines, while consumer durables and media shares also faced pressure. Conversely, metal and oil & gas stocks outperformed the market, buoyed by higher commodity prices.
Market analysts anticipate continued volatility due to oil price fluctuations and geopolitical uncertainties, which could keep the markets under pressure in the short term. The Indian market’s reliance on crude imports adds to the concerns, with hopes for relief rallies resting on signs of geopolitical tensions easing and stable institutional flows.
