Business News | Sensex Falls over 560 Points, Nifty Slips to 24,052; US-Iran Conflict Weigh on Dalal Street
Get latest articles and stories on Business at LatestLY. Sensex closed lower at 77,054.94, down 561.46 points or 0.72 per cent; likewise, Nifty ended in the red at 24,052.05, down 158.95 points or 0.66 per cent.
Mumbai [Maharashtra] (India), July 14 (ANI): The Indian equity markets extended losses in Tuesday's trading session, with the Sensex falling over 560 points and Nifty settling at around 24,000 level. Investor sentiment weakened after escalating tensions in the Persian Gulf, sparked by intensified US-Iran attacks, pushed crude oil prices to a one-month high and led to widespread selling across sectors.
Sensex closed lower at 77,054.94, down 561.46 points or 0.72 per cent, likewise, Nifty ended in the red at 24,052.05, down 158.95 points or 0.66 per cent. Sensex hit an intraday low of 77,001.48 against the previous close of 77,616.40, while Nifty slid to 24,023.70 level during the day.
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Sectorally, Nifty Realty, PSU Banks, Auto, Financial Services led major losses, dropping over a per cent. Meanwhile, Pharma traded in the green, surging over 1 per cent.
On BSE, few stocks ended in green -- Bharti Airtel, Sun Pharma, TCS, Tata Steel, Adani Ports and Eternal. Meanwhile, HCL Tech, Bajaj Finserv, HDFC Bank, ICICI Bank, Reliance, Axis Bank, Asian Paint, Power Grid, BEL, LT, M&M among others were the major losers.
In the commodity market, Brent crude was trading at USD 86.59 per barrel while crude oil was trading at USD 80.59 per barrel at the time of reporting. Brent futures for September delivery stood at USD 85.92 per barrel as of 08:00 GMT -- the highest since June 15.
Gold prices, on the other hand, hit a two-week low earlier in the session, as investors awaited key US inflation data. Spot gold rose 0.8 per cent to USD 4,031.43 per ounce by 0611 GMT while US gold futures for August delivery gained 0.8 per cent to USD 4,037.80. The yellow metal was trading at USD 4,022.59 at the time of reporting.
Riyank Arora, Associate Vice President - HNI & Derivatives, Hedged.in, said, "Indian equity markets ended lower in today's session as profit booking emerged across key sectors, leading to a broad-based decline in benchmark indices. Despite the weakness, the overall market structure remains positive as long as key support levels continue to hold."
He further noted, "Today's decline appears to be driven by profit booking after the recent rally. As long as benchmark indices hold above their immediate support levels, the broader trend remains constructive. Traders may continue to adopt a buy-on-dips approach while maintaining disciplined risk management and keeping a close watch on key support zones."
Market analyst Vipin Dixena noted, "Nifty is currently trading in a range-to-weak pattern, which means moving within a narrow zone with a slightly negative bias. The 24,025 zone is now an important near-term support. If Nifty manages to hold this area, it can try to stabilise and build a base for a recovery move. But if this level breaks decisively, selling pressure may increase. On the upside, 24,136 is the first key level that bulls need to reclaim." (ANI)
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