Geopolitical unrest in the Middle East sent shockwaves through Indian equities, culminating in a brutal market rout on Wednesday. The benchmark Sensex cratered by 1,122.66 points—a hefty 1.40 percent drop—to close at 79,116.19. The Nifty mirrored the pain, slumping 385.20 points or 1.55 percent to 24,480.50.
Sectoral carnage was led by metals, where Nifty Metal tanked 3.99 percent. Close behind were PSU banks down 3.24 percent, realty 3.11 percent, oil and gas 3.09 percent, media 3.05 percent, commodities 2.87 percent, and PSEs 2.55 percent. Only IT held firm, up a marginal 0.11 percent.
Broad-based selling gripped all segments. Nifty Midcap 100 shed 2.16 percent or 1,255.35 points to 56,925.15, and Nifty Smallcap 100 lost 2.11 percent or 350.90 points, settling at 16,281.50. The India VIX fear gauge rocketed more than 23 percent, reflecting soaring market turbulence.
In the Sensex pack, telecom giant Bharti Airtel, IT bellwethers Infosys and Tech Mahindra bucked the trend as top performers. Heavyweights like Tata Steel, Larsen & Toubro, Bajaj Finance, UltraTech Cement, NTPC, IndiGo parent Interglobe Aviation, Bajaj Finserv, Kotak Bank, HUL, Trent, M&M, Power Grid, Axis Bank, Maruti Suzuki, and BEL were among the notable decliners.
Market veteran Sudeep Shah from SBI Securities highlighted the Nifty’s break below key support of 24,570-24,600, with closure at 24,481 and RSI pinned at 30 indicating oversold conditions yet weak momentum. Immediate support looms at 24,350-24,300; a breach could open doors to 24,100. Resistance is clustered at 24,650-24,700 for any rebound attempts.
As Middle East tensions simmer, Indian markets face an uncertain path, with global cues and oil prices poised to dictate near-term direction.