Sensex crashes 1,092 points amid US-Iran uncertainty, final hour sell-off
Mumbai, May 29
Indian equity benchmark indices ended sharply lower on Friday after a volatile trading session, as uncertainty surrounding a possible US-Iran understanding triggered heavy selling in the final hour of trade.
The Sensex closed at 74,775.74, down 1,092.06 points or 1.44 per cent, while the Nifty settled at 23,547.75, declining 359.40 points or 1.50 per cent.
The Nifty witnessed sharp swings during the session, touching an intra-day high of 24,002.80 before falling to a low of 23,484.75.
Similarly, the Sensex climbed to 76,220.02 during the day but later plunged to an intra-day low of 74,589.11 as late-hour selling intensified.
Commenting on Nifty technical outlook, experts said that a sustained breakdown below the 23,500 zone could weaken the near-term structure and could extend downside pressure toward the 23,300-23,200 region in the short term if selling persists.
"On the upside, the 23,750-23,800 zone is now expected to act as an immediate resistance band, followed by stronger resistance near the 24,000 level," an analyst stated.
In the broader markets, the Nifty MidCap 100 index fell 1.33 per cent and the Nifty SmallCap index slipped 0.85 per cent.
Heavyweight stocks further dragged indices lower. Shares of Reliance Industries declined more than 2.18 per cent, while ITC fell 1.71 per cent, offsetting gains in the technology sector.
IT stocks, however, remained resilient during the session, with the Nifty IT index gaining more than 0.60 per cent.
Market participants continued to favour technology counters amid the overnight rally in US tech stocks and weakness in the Indian rupee, which is expected to improve margins for export-oriented IT companies.
Analysts said the session highlighted the fragile nature of market sentiment near higher resistance levels.
"The market witnessed broad-based selling pressure following the IMDs monsoon forecasts to 90 per cent of the long period average (LPA), raising concerns among investors," as per the analyst.
— IANS
Reader Comments
US-Iran tension ka asar aaj clear dikha. Lekin IMD ka monsoon forecast bhi factor hai? 90% LPA toh normal hai, phir bhi market ne negative liya. Thoda overreaction lag raha hai mujhe. 😕
BC (Bharat Capital) investors ke liye aaj ka din kharab tha. Reliance aur ITC jaise heavyweights ne toh zyada damage kiya. Lekin IT sector resilient raha, rupee weak hone se benefit hoga export companies ko. Koi silver lining toh hai. 😅
Market ne record high ke paas jaake breath liya aur phir gir gaya. 24,000 se upar nhi jaane de raha hai resistance. Short-term traders ke liye 23,500 ka support important hai. Break hua toh 23,200 tak jaa sakta hai. Stay cautious.
Aaj ka crash dekh ke lagta hai ki global factors aur domestic issues dono impact kar rahe hain. US-Iran uncertainty toh hai hi, lekin monsoon forecast ko bhi negative liya gaya. Analysts ko toh hamesha do baat kehni hoti hai. Common man ke liye retirement savings ka kya hoga? 😔
Sensex ne 76,000 touch kiya aur phir 74,589 tak gira! Yeh volatility aaj kal zyada ho gayi hai. IT stocks ne kuch bachaya, lekin overall
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