Mumbai, March 9 Indian stock markets ended sharply lower on Monday as rising geopolitical tensions linked to the ongoing US-Iran war weighed on investor sentiment.
Although the indices recovered partially from the day’s lows after crude oil prices eased.
The Nifty settled at 24,028.05, down 422.40 points or 1.73 per cent. The index also officially entered the technical correction zone after falling more than 10 per cent from its record high of 26,373, which it had touched on January 5.
The Sensex ended the day at 77,566.16, falling 1,352.74 points or 1.71 per cent.
Despite the sharp fall, both indices managed to recover from their intra-day lows as oil prices softened during the session.
The Nifty rebounded about 160 points from its day’s low of 23,868.05, while the Sensex recovered nearly 1,142 points from the intra-day low of 76,424.55.
Commenting on Nifty technical outlook, experts said that the immediate support is placed around 23,700–23,600, and a decisive breakdown below this level could extend the decline toward the 23,400–23,300 zone.
“On the upside, immediate resistance is seen around 24,300 (gap area), followed by a stronger hurdle near 24,600, which needs to be reclaimed to signal any meaningful recovery,” an analyst stated.
Market participants remained cautious amid uncertainty surrounding the conflict between the United States and Iran, which has increased volatility in global financial markets and energy prices.
Broader markets performed worse than the benchmark indices during the session. The Nifty MidCap Index ended 1.97 per cent lower, while the Nifty SmallCap Index declined 2.22 per cent.
Among sectoral indices, the Nifty PSU Bank Index was the worst performer, falling 3.97 per cent as selling pressure intensified in public sector banking stocks.
On the other hand, the Nifty IT Index showed relative resilience and managed to close slightly higher, gaining 0.08 per cent to end at 30,162.05.
Analysts said markets remain sensitive to geopolitical developments and movements in crude oil prices, which could continue to influence investor sentiment in the near term.
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