Mumbai, April 30 Indian equity benchmarks Nifty and Sensex ended lower on the day, weighed down by rising crude oil prices amid escalating tensions between the United States and Iran.
The Nifty declined by 180.10 points, or 0.74 per cent, to close at 23,997.55, while the Sensex fell 582.86 points, or 0.75 per cent, to settle at 76,913.50.
Commenting on Nifty technical outlook, experts said that 24,100–24,150 remains an immediate resistance band, followed by the 24,300–24,400 zone, which continues to act as a crucial hurdle.
“On the downside, the 23,800 level continues to act as a key support, where buying interest has emerged, preventing further decline,” an analyst stated.
The weakness in the market came as global sentiment turned cautious following a sharp spike in oil prices.
Brent crude prices surged after reports indicated that the US had rejected Iran’s peace proposal and moved to intensify the blockade at the Strait of Hormuz, a key global oil transit route.
The development raised concerns over supply disruptions and inflationary pressures, impacting investor sentiment across equities.
On the index, stocks such as Tata Motors Passenger Vehicles, Eternal, and Hindalco Industries emerged as the top losers on the Nifty.
The broader market also mirrored the weakness in the benchmarks. The Nifty MidCap index ended 0.98 per cent lower, while the Nifty SmallCap index slipped 0.48 per cent.
Sectorally, there was a mixed trend. Defensive pockets such as the Nifty IT and Nifty Pharma indices managed to outperform the broader market, while cyclical sectors faced the brunt of the selling.
The Nifty Metal and Nifty Construction Durable indices were among the worst hit, dragged down by concerns over rising input costs and global uncertainty.
Analysts said that the market closed on a weak note as geopolitical tensions and rising crude oil prices dampened investor confidence, overshadowing sector-specific resilience in IT and pharma stocks.
Meanwhile, Rupee came under fresh pressure, weakening towards 95.20, as a sharp rally in crude prices near $120 significantly worsened India’s import bill outlook.
“Near-term, support is seen around 95.45, while resistance is placed near 94.60, with volatility expected to remain elevated," an analyst mentioned.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor