Sensex crashes 516 points, Gift Nifty signals weak opening amid US-Iran tensions
Indian stock markets ended sharply lower on Friday amid weak global cues and rising geopolitical tensions linked to the US-Iran conflict. Heavy selling in banking and financial stocks dragged the benchmark indices down, while IT and pharma sectors managed to show some resilience.
Indian stock markets ended sharply lower on Friday amid weak global cues and rising geopolitical tensions linked to the US-Iran conflict. Heavy selling in banking and financial stocks dragged the benchmark indices down, while IT and pharma sectors managed to show some resilience.
The Nifty 50 slipped 150 points to close at 24,176. The BSE Sensex tanked 516 points and settled at 77,328. Bank Nifty witnessed a major decline of 736 points to end at 55,310.
Despite the fall in frontline indices, broader markets remained relatively stable. Midcap and smallcap stocks traded flat to marginally higher, indicating selective buying interest among investors.
Gift Nifty indicated a weak start for Monday’s trading session. The index traded nearly 190 points lower in early trade and touched an intraday low of 24,051, signalling a likely gap-down opening for domestic equities.
Market sentiment remained under pressure after fresh tensions surfaced between the United States and Iran. US President Donald Trump reportedly rejected Iran’s latest peace proposal, calling it “totally unacceptable,” increasing fears of further instability in the Middle East.
The uncertainty also triggered a sharp rise in crude oil prices. Brent crude jumped above $104 per barrel, while US WTI crude climbed near $99 per barrel amid concerns over disruptions in global oil supply through the Strait of Hormuz.
Meanwhile, gold prices remained under pressure in the international market. COMEX gold slipped below the $4,700 mark, while silver prices showed slight recovery after early losses.
According to the reports, market experts believe investors will closely monitor foreign institutional investor activity, crude oil prices, rupee movement and developments in the global geopolitical situation.
According to the sources, Nifty 50 has strong support near the 24,000 level, while 24,400 remains an immediate resistance zone. A fall below support may trigger further selling pressure in the coming sessions.
Experts also recommended a few stocks for intraday trading, including Carborundum Universal, UNO Minda, LIC, Lodha Developers, Bharat Wire and M&M Financial Services.
