Stock Market Close: Sensex drops 719 pts, Nifty ends at 23,123 as West Asia conflict escalates – Delhi News Daily

Stock Market LIVE: Technically, the Nifty index has reached the lower band of its downward-sloping consolidation phase near the 23,000 spot level. A technical bounce-back from this support cannot be ruled out. Conversely, a decisive close below 23,000 could drag the index toward the 22,800–22,700 zone in the near term.

View by: Vipin Kumar, assistant vice president, technical and derivatives research, Globe Capial Market

Stock Market LIVE: Domestic equities outperformed global peers despite ongoing consolidation, reflecting underlying structural resilience. Global sentiment has weakened amid a flare-up of tensions in the Middle East, pushing crude towards $100/bbl. Simultaneously, global technology stocks have witnessed a sell-off, as investors begin to question the sustainability of the AI-led rally. Selling pressure was also seen in semiconductor-heavy indices, showing early signs of valuation fatigue and positioning unwind, although it is premature to classify this as a trend reversal. Strong US labour data and sticky inflation have increased the risk of further monetary tightening, driving higher bond yields and a stronger USD. A similar dynamic could play out domestically if inflation rises, increasing the likelihood of policy tightening. In this scenario, India may see relative outperformance if the global tech correction deepens, but elevated crude prices and rate uncertainties may cap the upside or keep markets range bound.

View by: Vinod Nair, head of research, Geojit Investments

Stock Market LIVE: In the broader market, the selling was severe as both the Nifty Midcap 100 and Nifty Smallcap 100 indices underperformed the benchmark. The Nifty Midcap 100 index dropped 1.4 per cent, while the Smallcap 100 index skidded 1.9 per cent. India VIX, the fear gauge index, settled 7.85 per cent higher at 17.03.

 

Stock Market LIVE: On the sectoral front, all the indices closed in the red, barring the NIFTY HEALTHCARE. The Nifty Realty and Metal were the top losers, falling more 2 per cent each.

 

Stock Market LIVE: From the 30-Sensex firms, Eternal, Mahindra & Mahindra, Tata Steel, Bajaj Finance, Trent and Bajaj Finserv were among the biggest laggards.

 

Stock Market LIVE: The 50-share NSE Nifty also closed in the red as it  dropped 243.70 points, or 1.04 per cent, to settle at 23,123. 

 

Stock Market LIVE: Benchmark equity index Sensex tumbled on Monday, tracking a sharp decline in global equities and a fresh spike in crude oil prices, amid simmering tensions in West Asia. The index lost 719.08 points, or 0.97 per cent, to end at 73,524.26.