Mumbai, March 4: The Indian stock market experienced a significant decline on Wednesday due to escalating tensions in the Middle East. By the end of the trading day, the Sensex fell by 1,122.66 points, or 1.40%, closing at 79,116.19. The Nifty also saw a drop of 385.20 points, or 1.55%, ending at 24,480.50.
Metal shares were a major contributor to the market’s downturn, with the Nifty Metal index being the top loser, down 3.99%. Other sectors also faced losses, including Nifty PSU Bank at 3.24%, Nifty Realty at 3.11%, Nifty Oil and Gas at 3.09%, Nifty Media at 3.05%, Nifty Commodities at 2.87%, and Nifty PSE at 2.55%.
The only index to show a gain was Nifty IT, which closed up by 0.11%.
Both mid-cap and small-cap stocks also experienced declines. The Nifty Midcap 100 index fell by 1,255.35 points, or 2.16%, to close at 56,925.15, while the Nifty Smallcap 100 index dropped by 350.90 points, or 2.11%, ending at 16,281.50.
The India VIX, which measures market volatility, surged by over 23%, indicating increasing instability in the market.
In the Sensex pack, Bharti Airtel, Infosys, and Tech Mahindra were the top gainers. In contrast, Tata Steel, L&T, Bajaj Finance, UltraTech Cement, NTPC, InterGlobe Aviation, Bajaj Finserv, Kotak Mahindra Bank, HUL, Trent, Mahindra & Mahindra, Power Grid, Axis Bank, Maruti Suzuki, and BEL were among the losers.
Sudeep Shah, Head of Technical and Derivatives at SBI Securities, noted that the Nifty closed at 24,481 after breaking its crucial support level of 24,570-24,600. The RSI remains at 30, indicating weakness.
He further stated that the key support for the Nifty lies between 24,350 and 24,300. If the market continues to decline from this point, the Nifty could drop to 24,100. Conversely, the resistance level for a bullish scenario is between 24,650 and 24,700.
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My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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