Markets end in the red: Sensex sheds 443 points, Nifty slips 96 points amid geopolitical concerns

On Monday, key stock indices closed lower, dragged by declines in banking and financial shares as investors stayed wary due to escalating US‑Iran geopolitical tensions.

The Sensex slipped 443 points, or 0.57%, finishing at 77,708.52, and the Nifty dropped 96 points, or 0.39%, to 24,238.50.

Analysts noted that the Nifty’s near‑term resistance lies in the 24,300‑24,400 band, with its upper limit coinciding with the 200‑day exponential moving average.

“An analyst said that a clear break above this range would boost bullish momentum and could push the index toward the 24,500‑24,600 area.”

“A market expert added that on the downside, 24,100 acts as immediate support, and a firm break below could spark profit‑taking and test the 24,000 psychological level.”

The sell‑off was mainly driven by heavyweight banking and financial stocks, with Axis Bank, HDFC Bank and Maruti Suzuki India leading the losers on the Nifty.

Although the benchmark indices slipped, the broader market outperformed, with the Nifty MidCap rising 0.6% and the Nifty SmallCap adding 0.16%.

Sector‑wise, the Nifty Private Bank and Nifty Financial Services suffered the steepest falls, highlighting pressure on financial stocks.

Conversely, the Nifty Pharma and Nifty PSU Bank indexes posted the strongest gains.

Analysts noted that market participants stayed cautious throughout the session, watching US‑Iran developments, as geopolitical uncertainty kept sentiment subdued.

“A market expert observed that globally, the US‑Iran conflict intensified, with hostilities entering a ninth day and focus shifting to the Strait of Hormuz.”