Dalal Street ends lower as Brent crude tops $86 amid fresh Middle East tensions
The S&P BSE Sensex declined 570.10 points, or 0.73%, to settle at 77,046.30, while the NSE Nifty50 fell 171.10 points, or 0.71%, to close at 24,039.90.
Benchmark stock market indices ended lower on Tuesday as rising tensions in the Middle East pushed crude oil prices to multi-week highs, fuelling inflation concerns and triggering profit booking across sectors.
The S&P BSE Sensex declined 570.10 points, or 0.73%, to settle at 77,046.30, while the NSE Nifty50 fell 171.10 points, or 0.71%, to close at 24,039.90.
Investor sentiment remained under pressure after the US military carried out a third consecutive night of strikes against Iran. US President Donald Trump also reinstated a blockade of Iranian shipping and proposed a 20% fee on vessels using the Strait of Hormuz, raising concerns over global energy supplies.
Crude oil prices extended their rally, with Brent crude trading at $86.72 per barrel, up 4.11%, while WTI crude gained 3.08% to $80.55 as of 3:30 pm IST.
OIL RALLY, RUPEE WEAKNESS DENT SENTIMENT
The spike in crude prices also weighed on the rupee, which weakened 0.6% to 96.20 against the US dollar by 3:30 pm IST from the previous close of 95.62.
The broader market also ended in the red. The Nifty 100 fell 0.60%, Nifty 200 declined 0.57%, Nifty 500 slipped 0.63%, Nifty Midcap 100 lost 0.44%, while the Nifty Smallcap 100 dropped 1.01%. India VIX, the market's volatility gauge, rose 3.53% to 13.75.
PHARMA, METAL DEFY SELL-OFF; BANKS, AUTO UNDER PRESSURE
Selling was seen across most sectors. Nifty Realty emerged as the worst performer, falling 1.97%, followed by PSU Bank (-1.80%), Auto (-1.61%), Financial Services Ex-Bank (-1.34%), Financial Services (-1.08%) and IT (-1.00%).
However, a few defensive sectors bucked the trend. Nifty Pharma gained 1.03%, Metal rose 0.61%, Healthcare added 0.89%, while Nifty 500 Healthcare advanced 0.65%.
Among Sensex constituents, HCLTech was the biggest loser, tumbling 4.63% after its earnings. Bajaj Finserv fell 2.50%, SBI declined 2.26%, Mahindra & Mahindra lost 2.16%, InterGlobe Aviation dropped 2.15%, while Larsen & Toubro slipped 2.08%.
On the gaining side, Bharti Airtel rose 1.65%, Sun Pharma advanced 0.93%, Tata Steel gained 0.83%, TCS climbed 0.67%, Adani Ports added 0.42%, while Eternal edged up 0.19%.
SUPPORT LEVELS REMAIN KEY FOR MARKETS
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in, said today's decline was largely driven by profit booking after the recent rally, though the broader trend remains positive.
"Nifty 50 closed at 24,039.90, down 171.10 points (-0.71%). The index slipped below the 24,100 mark, with immediate support placed around 23,950–23,900, followed by 23,800. On the upside, resistance is now seen near 24,150–24,250. A sustained move above this zone could revive buying momentum.
"BSE Sensex settled at 77,046.30, down 570.10 points (-0.73%). Immediate support is placed around 76,800–76,600, while resistance is seen near 77,250–77,500. A breakout above this range could improve the near-term outlook.
"Today's decline appears to be driven by profit booking after the recent rally. As long as benchmark indices hold above their immediate support levels, the broader trend remains constructive. Traders may continue to adopt a buy-on-dips approach while maintaining disciplined risk management and keeping a close watch on key support zones."
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Benchmark stock market indices ended lower on Tuesday as rising tensions in the Middle East pushed crude oil prices to multi-week highs, fuelling inflation concerns and triggering profit booking across sectors.
The S&P BSE Sensex declined 570.10 points, or 0.73%, to settle at 77,046.30, while the NSE Nifty50 fell 171.10 points, or 0.71%, to close at 24,039.90.
Investor sentiment remained under pressure after the US military carried out a third consecutive night of strikes against Iran. US President Donald Trump also reinstated a blockade of Iranian shipping and proposed a 20% fee on vessels using the Strait of Hormuz, raising concerns over global energy supplies.
Crude oil prices extended their rally, with Brent crude trading at $86.72 per barrel, up 4.11%, while WTI crude gained 3.08% to $80.55 as of 3:30 pm IST.
OIL RALLY, RUPEE WEAKNESS DENT SENTIMENT
The spike in crude prices also weighed on the rupee, which weakened 0.6% to 96.20 against the US dollar by 3:30 pm IST from the previous close of 95.62.
The broader market also ended in the red. The Nifty 100 fell 0.60%, Nifty 200 declined 0.57%, Nifty 500 slipped 0.63%, Nifty Midcap 100 lost 0.44%, while the Nifty Smallcap 100 dropped 1.01%. India VIX, the market's volatility gauge, rose 3.53% to 13.75.
PHARMA, METAL DEFY SELL-OFF; BANKS, AUTO UNDER PRESSURE
Selling was seen across most sectors. Nifty Realty emerged as the worst performer, falling 1.97%, followed by PSU Bank (-1.80%), Auto (-1.61%), Financial Services Ex-Bank (-1.34%), Financial Services (-1.08%) and IT (-1.00%).
However, a few defensive sectors bucked the trend. Nifty Pharma gained 1.03%, Metal rose 0.61%, Healthcare added 0.89%, while Nifty 500 Healthcare advanced 0.65%.
Among Sensex constituents, HCLTech was the biggest loser, tumbling 4.63% after its earnings. Bajaj Finserv fell 2.50%, SBI declined 2.26%, Mahindra & Mahindra lost 2.16%, InterGlobe Aviation dropped 2.15%, while Larsen & Toubro slipped 2.08%.
On the gaining side, Bharti Airtel rose 1.65%, Sun Pharma advanced 0.93%, Tata Steel gained 0.83%, TCS climbed 0.67%, Adani Ports added 0.42%, while Eternal edged up 0.19%.
SUPPORT LEVELS REMAIN KEY FOR MARKETS
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in, said today's decline was largely driven by profit booking after the recent rally, though the broader trend remains positive.
"Nifty 50 closed at 24,039.90, down 171.10 points (-0.71%). The index slipped below the 24,100 mark, with immediate support placed around 23,950–23,900, followed by 23,800. On the upside, resistance is now seen near 24,150–24,250. A sustained move above this zone could revive buying momentum.
"BSE Sensex settled at 77,046.30, down 570.10 points (-0.73%). Immediate support is placed around 76,800–76,600, while resistance is seen near 77,250–77,500. A breakout above this range could improve the near-term outlook.
"Today's decline appears to be driven by profit booking after the recent rally. As long as benchmark indices hold above their immediate support levels, the broader trend remains constructive. Traders may continue to adopt a buy-on-dips approach while maintaining disciplined risk management and keeping a close watch on key support zones."
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
