Stock Market Today: Sensex Falls 480 Pts, Nifty Slips Below

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Noida, May 26 (APAC Media): Indian benchmark indices Sensex and Nifty closed lower on Tuesday, pressured by escalating geopolitical tensions in the Middle East and a rise in crude oil prices, with banking and oil-related stocks emerging as the top laggards.

The BSE Sensex fell 479 points, or 0.63%, to close at 76,009, while the NSE Nifty50 slipped 132 points to settle at 23,914 after briefly trading below the 23,900 marks during the session.

The dollar edged slightly higher on Tuesday, trading around 99.08 on the index, as hopes of a near-term deal to reopen the Strait of Hormuz and end the Iran conflict faded after fresh U.S. strikes and cautious comments that negotiations may take longer.

Market participants turned cautious following renewed uncertainty over the Iran conflict, reversing optimism seen in the previous trading session.

Higher crude oil prices also raised concerns over inflationary pressures and India’s widening import bill.

Banking stocks led the decline as investors booked profits following Monday’s sharp rally, while oil & gas and pharmaceutical shares also came under selling pressure.

Commodities Market Updates: Gold declined on Tuesday as renewed U.S. strikes in Iran pushed oil prices higher, stoking inflation concerns and reinforcing expectations of a prolonged higher-interest-rate environment.

Spot gold fell 0.9% to $4,529.50 per ounce at 0545 GMT, while U.S. gold futures for June delivery edged up 0.2% to $4,529.60.

Broader markets showed resilience despite weakness in benchmark indices, with mid-cap and small-cap stocks outperforming and closing marginally higher on selective buying in domestic-orientated shares.

Among the gainers, Tech Mahindra rose over 1% on buying in select IT counters, while IndusInd Bank bucked the broader weakness in financial stocks to end modestly higher. FMCG major ITC, however, closed lower amid subdued market sentiment.

Analysts expect markets to remain volatile in the near term as investors track developments in the Middle East, crude oil price movements, foreign fund flows, and upcoming macroeconomic data.

On Monday, Indian equities had posted strong gains, with the Sensex surging over 1,000 points on expectations of easing geopolitical tensions and improving global risk sentiment.

Disclaimer: Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.

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