Mumbai, March 23 (IANS) Indian stock markets ended sharply lower on Monday, with the Sensex plunging 1,836 points and the Nifty falling 2.6 per cent, as escalating tensions between the US and Iran spooked investors.
The Sensex closed at 72,696.39, down 2.46 per cent or 1,836.57 points, while the Nifty settled at 22,512.65, losing 601.85 points or 2.60 per cent.
Commenting on Nifty technical outlook, experts said that the overall market structure remains clearly bearish, with a consistent formation of lower highs and lower lows, indicating strong downward momentum.
“On the upside, the 22,650–22,700 range now acts as immediate resistance, while the 22,900–23,000 zone stands as a strong supply area aligned with previous breakdown levels,” an analyst stated.
The sharp fall came amid rising geopolitical uncertainty in the Middle East, which triggered heavy selling across sectors.
Volatility in the markets surged sharply, as the India VIX jumped over 17 per cent to close at 26.73.
Broader markets saw even deeper losses compared to benchmark indices. The Nifty MidCap index declined 3.69 per cent, while the Nifty SmallCap index fell 4.16 per cent.
Among sectors, construction-related stocks were the worst hit, with the Nifty Construction Durable index falling over 5 per cent.
Realty and metal stocks also witnessed sharp declines. However, IT stocks showed relative resilience and recorded the least losses during the session.
The market downturn came as crude oil prices surged amid escalating tensions between the United States and Iran.
Brent crude rose to $108.73 per barrel, gaining 2.37 per cent, after US President Donald Trump warned of severe action if Iran did not reopen the Strait of Hormuz within 48 hours.
In response, Iran threatened to target energy infrastructure in the Middle East.
Meanwhile, Prime Minister Narendra Modi, in his address to the Lok Sabha, said the government is making continuous efforts to ensure uninterrupted energy supply through the Strait of Hormuz, a key global oil transit route.
The developments have raised concerns over energy security and inflation, leading to increased caution among investors and a sharp sell-off in equities.
--IANS
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