Sensex ends 479 pts lower, Nifty below 24,000; Bharti Airtel, Trent, TCS, Bajaj Finance lead fall

Indian equity markets ended lower in a volatile session on Tuesday, with benchmark indices reversing gains in the second half amid renewed geopolitical concerns. The sentiment was dented after U.S. military reportedly carried out “self-defence” strikes in southern Iran, including on missile launch sites and boats placing mines.

Weighed down by the development, the 30-share BSE Sensex declined 479.26 points, or 0.63%, to close at 76,009.70, rebounding from an intraday high of 76,627. The broader Nifty 50 fell 118 points, or 0.49%, to settle at 23,913.70.

Markets initially traded with a stable undertone supported by easing crude oil prices and positive global cues. However, sentiment weakened sharply in the latter half after reports of fresh US military strikes in Iran reignited geopolitical tensions in West Asia, triggering risk-off sentiment across global markets.

"Near-term optimism around a potential US–Iran peace deal faded sharply following reports of US military operations in southern Iran, triggering a spike in crude prices and reversing the rupee’s brief appreciation,” said Vinod Nair, Head of Research, Geojit Investments.

“The monthly F&O expiry further amplified technical selling pressure in an already risk-off environment, leading domestic equities to close lower,” he added.

Broader markets, however, showed relative resilience. The Nifty Midcap 100 ended marginally higher by 0.54%, while the Nifty Smallcap 100 gained 0.35%.

Sectorally, metal stocks emerged as key outperformers despite broader weakness. The NIFTY METAL advanced 1.1%, supported by strength in global commodity prices and a softer US dollar. Stocks such as Tata Steel managed to close in the green.

On the other hand, banking and consumption-linked sectors remained under pressure. The Nifty Private Bank declined 0.62%, while the Nifty PSU Bank fell 0.46% amid profit booking and cautious institutional positioning.

Among Sensex constituents, Tech Mahindra emerged as the top gainer, rising 1.66%, followed by Eternal which gained 0.99%. Maruti Suzuki India and Hindustan Unilever advanced 0.55% each, while Adani Ports and Special Economic Zone added 0.44%. Metal and defensive stocks such as Tata Steel and NTPC also closed marginally higher.

On the losing side, Bharti Airtel was the top laggard, falling 1.51%, followed by Trent which declined 1.42%. IT major TCS dropped 1.35%, while financial counters including Bajaj Finance, HDFC Bank, ICICI Bank and Axis Bank remained under pressure amid expiry-led volatility and profit booking. Consumption-linked stocks such as Titan Company and ITC Limited also ended lower.

(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)