Intensifying Middle East conflicts triggered a sharp correction in Indian stock markets, with the Sensex logging its steepest single-day fall in recent sessions. The index nosedived 1,122.66 points, or 1.40 percent, to end at 79,116.19. Nifty 50 wasn’t spared, declining 385.20 points—a 1.55 percent loss—to 24,480.50.
The metal sector stole the spotlight for all the wrong reasons, with Nifty Metal plummeting 3.99 percent. Trailing it were declines in Nifty PSU Bank (3.24%), Realty (3.11%), Oil & Gas (3.09%), Media (3.05%), Commodities (2.87%), and PSE (2.55%). Nifty IT stood alone with a 0.11 percent uptick.
No corner of the market was safe: largecaps, midcaps, and smallcaps all bled. Nifty Midcap 100 retreated 2.16 percent (1,255.35 points) to 56,925.15, and Nifty Smallcap 100 dipped 2.11 percent (350.90 points) to 16,281.50. Volatility index India VIX exploded by over 23 percent, underscoring investor panic.
Sensex gainers included Bharti Airtel, Infosys, and Tech Mahindra, which offered pockets of resilience. Losers dominated, featuring Tata Steel, L&T, Bajaj Finance, UltraTech Cement, NTPC, Interglobe Aviation, Bajaj Finserv, Kotak Mahindra Bank, HUL, Trent, Mahindra & Mahindra, Power Grid, Axis Bank, Maruti Suzuki, and BEL.
According to Sudeep Shah of SBI Securities, Nifty violated vital support at 24,570-24,600, closing at 24,481 with RSI at 30 signaling bearish bias. Next supports are at 24,350-24,300; failure here might propel it to 24,100. Bulls eyeing recovery face hurdles at 24,650-24,700.
With global risks mounting, market participants are on edge, awaiting clarity on international developments to gauge the sustainability of this downturn.