Geopolitical jitters from rising US-Iran conflict in the Middle East and spiking crude prices triggered a brutal sell-off in Indian equities, marking the third straight day of losses on Friday. The benchmark Sensex cratered by nearly 1,000 points to 76,664.21, down 1.29%, as Nifty 50 slipped 1.14% or 275 points to 23,897.95.
Intraday, Sensex swung from an open of 77,483.80 to a low of 76,403.87, a 1.6% drop, while Nifty fell from 24,100.55 to 23,813.65, off 1.5%. Mid and small-cap indices lagged, with declines of 0.96% and 0.87% respectively, reflecting pervasive selling pressure across the board.
Every sectoral index ended lower, led by IT’s staggering 5.29% rout. Media lost 1.87%, Pharma 1.77%, Realty 1.35%, Healthcare 1.49%, and others like Oil & Gas, FMCG, and Auto shed between 0.68% and 0.73%. Standouts in Nifty 50 included Coal India, Trent, Hindalco, Nestle, Shriram Finance, SBI, and Eicher, bucking the trend with gains.
IT bellwethers bore the brunt: Infosys, TCS, Tech Mahindra, HCL Tech down sharply, alongside Sun Pharma and SBI Life, with losses up to 6.9%. Analysts attribute the slump to stalled West Asia ceasefire efforts, Hormuz uncertainties, rupee depreciation, FII exits, and IT-specific headwinds.
Technically, Nifty’s breach of 24,000 accelerated the fall to 23,800 support, closing with a minor rebound. It’s now below 20-day EMA, RSI under 50—clear bear signals. Outlook: Hold 23,800 or risk 23,600; reclaim 24,000 for 24,200 upside.
This turbulent week highlights how global flashpoints can swiftly erode investor confidence, with oil volatility and regional strife poised to dictate near-term market direction.
