Mumbai, March 2 || The Indian equity markets opened the week sharply lower on Monday, tracking a broad risk-off sentiment across global markets due to the US, Israel and Iran war.
As of 9.28 am, Sensex lost 891 points, or 1.10 per cent, to reach 80,395 and Nifty eased 268 points, or 1.07 per cent, at 24,909.
Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 declined 1.14 per cent, and the Nifty Smallcap 100 lost 1.35 per cent.
All sectoral indices traded in red with Nifty realty, oil and gas as well as auto leading the losses, down 2.19 per cent, 1.81 per cent and 1.35 per cent, respectively.
The heightened uncertainty in the Middle East is likely to keep risk appetite subdued throughout the session, analysts said, adding aviation stocks may remain under pressure following the suspension of flights across key UAE routes, highlighting the immediate operational fallout from the regional instability, said market watchers.
Further, weekly Nifty expiry on Monday ahead of the Holi market holiday could intensify volatility, they noted.
Analysts said before the market opening that the formation of a fourth consecutive red candle in Nifty charts and recent close below the 200-day EMA already reflected increasing bearish dominance and a weakening broader trend.
Technically, resistance is placed in the 25,300–25,350 zone, while immediate support is seen at 25,000–25,050, they said.