Indian stock markets tumble over 1% as West Asia tensions escalate

Domestic benchmark indices opened sharply lower on Monday, declining over 1% each amid escalating tensions in West Asia, which entered the fifth week. 

Sensex opened at 72,565, down over 1,000 points or 1.38%, while Nifty started Monday’s session at 22,549, slipping 267 points or around 1%.

Sector-wise, market witnessed widespread selling pressure, with all sectoral indices trading in the red. PSU bank and chemical stocks led the losses, falling nearly 3-4% each, while realty, auto and financial services indices also declined up to 3%.

Even relatively defensive sectors such as FMCG, IT and Pharma were not spared, slipping up to 2%.

The frontline indices have declined about almost 10% since February 28 -- when the US-Israel-Iran conflict began.

In the latest escalation, Iran reportedly attacked an Israeli chemical facility, while Israel retaliated by targeting infrastructure in Tehran, further heightening geopolitical concerns.

Analysts said the formation of a bearish candlestick reflects sustained weakness and negative sentiment in the market. Immediate support for Nifty is seen in the 22,450–22,500 range, while resistance is placed in the 22,950–23,000 zone.

They advised investors to maintain a disciplined and selective approach, focusing on fundamentally strong stocks during meaningful declines rather than chasing short-term rallies.

“Fresh long positions should ideally be considered only once the Nifty decisively breaks above and sustains the 24,000 mark, which would indicate improving sentiment and pave the way for a more stable recovery,” analysts said.

In the current environment, where geopolitical developments are dictating market direction more than technical factors, avoiding leveraged overnight positions appears prudent, they added.

By 8:45 am, Brent crude futures surged as much as 3.66% to an intraday high of $116.70 per barrel and were nearing their 52-week high.

Similarly, US WTI futures traded at $103.38, up 3.75% from the previous session.

On the global front, equities in the US and Asian markets ended lower. The S&P 500 closed 1.67% down, while the Nasdaq declined about 2%.

In Asia, Japan’s Nikkei fell nearly 4%, while Hong Kong’s Hang Seng declined over 1% and South Korea’s Kospi slipped almost 3%.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)