Mumbai, May 8 (SocialNews.XYZ) Indian benchmark indices ended lower on Friday as renewed tensions between the United States and Iran dampened investor sentiment and triggered caution across sectors.
The selloff was largely led by banking stocks, while gains in IT shares helped limit the downside.
The Nifty ended 150.50 points or 0.62 per cent down at 24,176.15 and the Sensex ended 516.33 points or 0.66 per cent down at 77,328.19.
Commenting on Nifty technical outlook, experts said that the 24,250–24,300 level continues to act as an immediate resistance zone, and a sustained breakout above this mark could strengthen momentum further toward the broader hurdle near the 24,400–24,500 levels.
“On the downside, the 24,100–24,000 region remains a crucial support area, which will be important to maintain the current market structure,” an analyst stated.
Among the top gainers on the Nifty index were Titan, Apollo Hospitals Enterprise and Asian Paints, which managed to buck the broader market weakness.
However, SBI, Coal India, HDFC Bank, Axis Bank and Bajaj Finance were among top laggards.
On the sectoral front, banking counters witnessed heavy pressure. The Nifty PSU Bank, Nifty Private Bank, and Nifty Bank indices emerged as the worst-performing sectoral gauges during the session as investors trimmed exposure to financial stocks amid rising global uncertainty.
In contrast, the Nifty IT index outperformed other sectors, supported by defensive buying and expectations of stable demand for technology services.
Meanwhile, oil prices moved higher as hopes for a near-term resolution to the conflict in West Asia faded.
Brent crude futures rose 0.66 per cent to $100.72 per barrel on the Intercontinental Exchange, adding to concerns over inflation and potential pressure on economies dependent on oil imports, including India.
“Renewed hostilities between US and Iranian forces near the Strait of Hormuz triggered a sharp unwinding of optimism across global markets and risk assets, after Iran claimed the US had violated the ceasefire agreement,” an expert stated.
Source: IANS
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