MUMBAI : The Sensex fell 374 points on Wednesday, closing at 76,570.35. The Nifty dropped 141 points to 23,914.45 and slipped below 24,000, touching an intraday low of 23,786.80.
Oil drove the session. Brent spiked as high as $97 a barrel before settling near $95 after fresh US-Iran military exchanges raised the risk of supply disruption through the Strait of Hormuz. For an economy that imports most of its crude, the move feeds directly into the import bill, inflation and corporate costs.
US Treasury yields jumped in response, with the 10-year hitting its highest level in nearly three years. Asian markets had already sold off – Japan’s Nikkei fell 1.60%, South Korea’s Kospi 2.87%.
Eleven of 16 major sectors closed lower. The Nifty Midcap 100 slipped 0.53% and the Smallcap 100 lost 0.37%. Auto stocks led the decline; the Nifty Auto index fell around 1.8%. Hero MotoCorp dropped 4.6% after August numbers raised fresh concerns over exports and market share.
Eicher Motors, Wipro, Mahindra & Mahindra, Bajaj Auto and Asian Paints were among the bigger Nifty losers. IT stocks also came under pressure. Oil and gas was one of the few sectors to move higher.
Coal India rose about 4.1% on expectations of stronger pricing. NTPC, Adani Ports, Adani Enterprises and Bajaj Finserv also gained as money rotated into energy and infrastructure names.
The rupee barely moved, closing at ₹94.97 against the dollar, helped by continued RBI intervention.Both foreign and domestic institutions were net buyers – FIIs purchased ₹6,688 crore and DIIs ₹2,813 crore – yet the market still fell. The selling pressure came almost entirely from geopolitics and global macro anxiety.
The close below 24,000 leaves the Nifty in a fragile position. Immediate support is seen at 23,800; a sustained break could open the way toward 23,600. A recovery above 24,100 would ease the pressure.
