Sensex Surges 657.22 Points, Nifty 24,250.85 As Oil Prices Drop
· Free Press Journal
Mumbai: Sensex jumped 657.22 points to 77,675.01 in early trade; Nifty 218 points to 24,250.85. Indian equity benchmarks ended lower on Tuesday, as rising geopolitical tensions in West Asia weighed on investor sentiment, pulling down banking, realty, and oil and gas stocks. The Nifty slipped 86.50 points, or 0.36 per cent, to close at 24,032.80, while the Sensex declined 251.61 points, or 0.33 per cent, to settle at 77,017.79.
According to IANS, the benchmarks erased gains from the previous session as selling pressure intensified through the day. Sectorally, banking, real estate, and oil and gas stocks emerged as the biggest laggards -- reflecting concerns over global growth and rising uncertainty in energy markets. In contrast, auto and FMCG stocks showed resilience, providing some support to the broader market.
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The broader indices, however, displayed a mixed trend. The Nifty MidCap index ended 0.17 per cent higher, while the Nifty SmallCap index gained 0.28 per cent. Market sentiment remained cautious amid escalating tensions in West Asia. Reports suggested that the United States and Iran have exchanged fire near the Strait of Hormuz, despite a ceasefire that had been in place for over a month. The renewed conflict has raised fears of prolonged instability in the region, which is critical for global oil supplies.
“Going ahead, market direction is likely to stay sensitive to geopolitical developments and incremental cues from upcoming earnings," a market expert stated. Meanwhile, Rupee extended its weakness, slipping below 95.25 to trade near 95.30 as elevated crude prices above $100 kept pressure on the currency. “In the near term, 94.70 is likely to act as resistance, while 95.50 is seen as immediate support, with markets closely tracking US non-farm payrolls and unemployment data this week for further direction," an analyst stated.