Hyderabad: Indian stock markets tumbled sharply on Monday as rising geopolitical tensions linked to the conflict between the United States and Iran dampened investor sentiment.
Both benchmark indices witnessed heavy selling during the session. However, they recovered partially from the day’s lows after crude oil prices eased later in the trading hours.
The Nifty 50 settled at 24,028.05, falling 422.40 points or 1.73 percent. The index entered technical correction territory after dropping more than 10 percent from its record high of 26,373 touched on January 5.
Similarly, the BSE Sensex ended at 77,566.16, down 1,352.74 points or 1.71 percent.
Despite the sharp fall, both indices recovered from their intra-day lows as crude oil prices softened during the session.
Stock markets remain under pressure amid global tensions
The Nifty rebounded nearly 160 points from its day’s low of 23,868.05. Meanwhile, the Sensex recovered around 1,142 points from the intra-day low of 76,424.55.
Market experts said the immediate support for the Nifty lies around 23,700–23,600. A decisive breakdown below this level could extend the decline toward the 23,400–23,300 zone.
On the upside, analysts see resistance near 24,300. A stronger hurdle exists around 24,600. The index must reclaim these levels to signal a meaningful recovery.
Broader markets performed weaker than the benchmark indices during the session. The Nifty Midcap index ended 1.97 percent lower. Meanwhile, the Nifty Smallcap index declined 2.22 percent.
Among sectoral indices, the Nifty PSU Bank index emerged as the worst performer. It fell 3.97 percent due to selling pressure in public sector banking stocks.
However, the Nifty IT index showed relative resilience. It closed marginally higher and gained 0.08 percent to end at 30,162.05.
Analysts said markets will remain sensitive to geopolitical developments and crude oil price movements in the coming days.