Mumbai, March 2 Indian stock markets closed sharply lower on Monday as rising tensions between the US and Iran dampened investor sentiment and triggered selling across sectors.
The benchmark Nifty fell 1.24 per cent, or 312.95 points, to settle at 24,865.70. The Sensex dropped 1.29 per cent, or 1,048.34 points, to close at 80,238.85, marking its lowest level since September 2025.
Although the indices recovered some losses from the day’s lows, they remained firmly in the red by the end of the session.
Commenting on Nifty technical outlook, experts said that the immediate crucial support is placed at 24,600.
“A decisive breakdown below this level could trigger a deeper correction in the market. On the higher side, resistance is seen at 25,000,” an analyst stated.
“Until the Nifty sustains above 25,000, overall sentiment is likely to remain tilted in favour of the bears," an expert mentioned.
On the 30-share index, BEL, Sun Pharma and ITC were the only three stocks that managed to close in green. On the lower side, IndiGo led the losers' pack by dropping 6.25 per cent.
Maruti Suzuki India, Asian Paints, Bajaj Finserv and Reliance Industries were among the top losers.
Investor nervousness was reflected in the volatility index. The NSE Nifty India Volatility Index, also known as India VIX, surged 25.01 per cent to end at 17.13 -- indicating heightened fear in the market.
Broader markets performed even worse than the main indices. The Nifty MidCap index declined 1.58 per cent, while the Nifty SmallCap index fell 1.75 per cent.
Among sectors, auto, oil and gas stocks faced the most pressure. The Nifty Auto index emerged as the worst-performing sector, ending 2.20 per cent lower.
In contrast, the Nifty Metal index managed to stay positive and closed 0.24 per cent higher, outperforming other sectoral indices despite the weak overall market mood.
Market participants said geopolitical uncertainty is making investors cautious, leading to reduced risk-taking and profit booking across segments.
“Market sentiment remained heavily dented amid escalating geopolitical tensions in the Middle East, with risks now translating into visible economic concerns across sectors,” an analyst mentioned.
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