08 June,2026 05:50 PM IST | Mumbai | mid-day online correspondent
Representational image. File pic
Amid the persisting global uncertainties, Indian equity markets on Monday ended sharply lower, leading to a sell-off in domestic equities amid a spike in crude oil prices.
As per INAS, the benchmark index Sensex declined 719.08 points, or 0.97 per cent, to close at 73,524.26, tracking weakness in global equities and rising geopolitical uncertainty.
Similarly, the 50-share Nifty index fell 243.70 points, or 1.04 per cent, to settle at 23,123. Commenting on the Nifty technical outlook, experts said that the 23,250-23,300 zone now acts as the immediate resistance area, followed by 23,450, where the latest breakdown originated.
While the broader markets witnessed even steeper losses, the Nifty MidCap index declined 1.66 per cent, and the Nifty SmallCap index also fell 2.88 per cent.
Sectorally, selling pressure was broad-based, with Nifty Realty, Nifty Metal, and Nifty Auto indices underperforming the most during the session.
In contrast, the Nifty Healthcare index managed to outperform, offering some relative resilience amid the broader market decline.
Market sentiment was hit after reports suggested that Iran fired missiles at Israel, raising concerns over the fragile security situation in the region and dampening hopes of any immediate peace breakthrough between Washington and Tehran.
According to IANS, the development also fuelled worries over potential disruptions in global oil supply, pushing crude prices higher.
An analyst, while briefing about the downward market movement on Monday, said, "A decisive move above these levels will be required to improve market structure and trigger any meaningful recovery."
The analyst further noted, "On the downside, 23,100 remains the immediate support to watch. A breakdown below this level could accelerate selling pressure towards the crucial 23,000 mark."
Experts also highlighted that the sharp fall in domestic equities reflected a combination of global risk-off cues, geopolitical tensions in West Asia and concerns over rising crude oil prices impacting inflation and corporate margins.
"Selling pressure resurfaced during the afternoon session as global uncertainty and continued foreign investor caution prevented the market from sustaining higher levels," a market expert mentioned.
(With inputs from IANS)
