A flare-up in Middle East tensions cast a long shadow over Dalal Street, driving the Indian stock market into a tailspin on Wednesday. Sensex surrendered 1,122.66 points (1.40%) to close at 79,116.19, while Nifty tumbled 385.20 points (1.55%) to 24,480.50.
Metals led the rout, Nifty Metal crashing 3.99%. Significant drops also hit PSU Banks (3.24%), Realty (3.11%), Oil & Gas (3.09%), Media (3.05%), Commodities (2.87%), and PSE (2.55%). IT was the sole sectoral gainer, up 0.11%.
The sell-off permeated across market caps. Nifty Midcap 100 fell 1,255.35 points (2.16%) to 56,925.15; Nifty Smallcap 100 lost 350.90 points (2.11%) to 16,281.50. India VIX, the market’s volatility barometer, surged over 23%, highlighting acute fear levels.
Bharti Airtel, Infosys, and Tech Mahindra topped Sensex gainers, defying the broader gloom. Prominent losers encompassed Tata Steel, L&T, Bajaj Finance, UltraTech Cement, NTPC, Interglobe Aviation, Bajaj Finserv, Kotak Mahindra Bank, HUL, Trent, M&M, Power Grid, Axis Bank, Maruti Suzuki, and BEL.
SBI Securities’ Sudeep Shah observed Nifty’s decisive break of 24,570-24,600 support, ending at 24,481 with RSI at 30 denoting weakness. Critical support band is 24,350-24,300; slippage could target 24,100. Upside resistance at 24,650-24,700.
Investors now grapple with elevated risks from abroad, as oil volatility and safe-haven flows threaten prolonged pressure on equities.