MUMBAI — Indian stock markets plummeted for the third consecutive session on Wednesday as investors remained heavily cautious over the escalating geopolitical conflict between the United States and Iran. The growing uncertainty kept traders on edge, triggering aggressive, broad-based selling across multiple sectors.
The NSE Nifty 50 ended the day 1.6 per cent lower, shedding 385.2 points to close at 24,480.5—its lowest level in over six months. Concurrently, the BSE Sensex witnessed heavy offloading, dropping 1,122.66 points (1.40 per cent) to settle at a 10-month low of 79,116.19.
Technical Outlook and Expert Sentiment
Market analysts point to the surge in global risk aversion as the primary driver of the downturn.
“The surge in geopolitical uncertainty weighed heavily on investor confidence, leading to aggressive unwinding of positions and a defensive shift in market participation,” noted one market expert.
Looking at the technical charts, analysts are mapping critical support and resistance zones for the days ahead:
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Support: “Immediate support is placed around 24,300–24,200, and a decisive breakdown below this region could accelerate the decline toward the 24,000 psychological level,” stated a technical strategist.
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Resistance: “On the upside, 24,600 acts as the immediate resistance, followed by a stronger supply zone near 24,900–25,000, which must be reclaimed on a closing basis to restore positive sentiment.”
Sectoral Carnage: Metals Drag, IT Offers Solace
Broader markets fared even worse than the benchmark indices. The Nifty MidCap index declined by 2.2 per cent, and the Nifty SmallCap index tumbled by 2.1 per cent.
The Nifty Metal index emerged as the biggest loser of the day, facing the sharpest declines amid global supply chain fears. This was closely followed by steep losses in the Nifty PSU Bank and Nifty Realty indices.
In a sea of red, the Nifty IT index stood out as the sole sector to end the session in positive territory, finding defensive support in select technology stocks.
Top Movers on Dalal Street
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Gainers: In the Sensex pack, Bharti Airtel led the green, followed by Infosys and Tech Mahindra. These were the only three stocks to successfully defy the broader market weakness.
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Laggards: Tata Steel emerged as the biggest drag on the index. It was followed by significant declines in Larsen & Toubro, Bajaj Finance, UltraTech Cement, NTPC, and InterGlobe Aviation (IndiGo).
Investors are expected to closely monitor global developments and crude oil prices in the coming days, as any further military escalation could keep market volatility elevated in the near term.
