Sensex, Nifty Close Lower Amid Iran-Hormuz Tensions, Nifty Faces Crucial Resistance At 24,300

Mumbai: Indian benchmark indices ended lower as escalating tensions involving Iran and the Strait of Hormuz kept investors cautious ahead of US sanctions against Tehran.

The BSE Sensex declined 171.72 points, or 0.22 percent, to settle at 77,369.11. The NSE Nifty fell 32.95 points, or 0.14 percent, to close at 24,219.05.

Geopolitical Risks Hit Sentiment

Market sentiment weakened after Iran threatened to seize vessels and change transit rules for the Strait of Hormuz. The waterway is a route for energy shipments, making any disruption a major risk for markets.

Weak cues from Asian markets also weighed on equities. Stocks drifted lower, with large-cap shares underperforming the broader market.

Selling pressure was visible in heavyweight counters. SBI Life Insurance and Bajaj Finance were among the leading losers on the Nifty.

Broader Markets Remain Mixed

The broader market delivered a mixed performance. The Nifty MidCap index edged 0.13 percent higher, while the Nifty SmallCap index declined 0.26 percent.

Among sectoral indices, the Nifty PSU Bank index recorded the steepest fall as banking shares remained under pressure. The Nifty Metal index outperformed other sectors and provided some support to the market.

Nifty Resistance Seen At 24,300

Technical experts said the 24,300 region remains the crucial resistance zone for the Nifty. A decisive and sustained breakout above this level could strengthen the technical structure and open the way towards 24,400-24,500.

On the downside, 24,145, which is close to the session’s low, is expected to provide immediate support. A fall below this level could increase selling pressure and weaken the near-term market setup.

Volatility May Stay Elevated

Market participants are preparing for another volatile session as they assess new US sanctions against Iran and Tehran’s possible response.

Any escalation around the Strait of Hormuz could raise concerns over global trade flows, crude oil supplies and energy prices. These developments are expected to guide market direction, alongside global cues and movements in heavyweight stocks.