New Delhi [India], June 12 (ANI): The Indian stock indices ended in the red on Thursday, weighed down by the rising geopolitical tensions between Iran and the United States.
The Sensex closed at 81,691.98 points, down 823.16 points or 1 per cent. The Nifty also followed the Sensex and closed at 24,888.20 points, down 253.20 points or nearly 1 per cent.
“After hitting a high near 25200, the index slipped sharply below the 25000 mark and found support at its 20-day EMA. A brief bounce in the last hour trimmed losses, but the index still ended with a cut of around 250 points, forming a big bearish candle on the daily chart,” said Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.
Market participants braced themselves to keep a track of global sentiment, as they turned negative, keeping domestic indices negative on Thursday.
“This reflects rejection from higher levels and rising pressure near the 25000 zone. A move below 24700 may trigger further downside, while bulls need to reclaim 25000 to regain momentum,” added Chandan Taparia.
All the Nifty Sectoral indices ended their day in the red territory except Nifty Healthcare Index. Out of all the sectors, Nifty Consumer Durables was the most affected indices, followed by Nifty Oil & Gas and Nifty Auto.
“On the stock-specific front, shares of IndiGo and SpiceJet dropped over 3 per cent following news of an Air India flight crash in Ahmedabad,” said Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity – Ashika Stock Broking, part of Ashika Group.
Vinod Nair, Head of Research, Geojit Investments says valuations concerns are rising in the Indian markets “Consolidation in domestic markets is evolving into a broad-based trend, now extending to large-cap stocks. Valuation concerns and rising oil prices–driven by Middle East tensions–are fuelling risk aversion among investors. IT, metals, and auto sectors have mostly underperformed.
Nair added that uncertainty over US tariffs is adding to it “the U.S. is considering unilateral tariff hikes on several key trading partners, with a decision expected within the next one to two weeks, ahead of an early July deadline. Meanwhile, gold is witnessing a fresh leg of safe-haven buying, amid escalating geopolitical and economic risks.”
Air India on Thursday confirmed that flight AI171 with destination to Gatwick in London, was involved in an accident today after take-off from the Sardar Vallabhbhai Patel International Airport in Ahmedabad, Gujarat. (ANI)
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