Sensex, Nifty Extend Losses for 5th Day Amid Israel's Iran 'Attack'

The Sensex and Nifty indices experienced continued losses for the fifth consecutive day on April 19, amid reports of Israel launching fresh missiles on Iran. This development led to a surge in oil and gold prices, triggering concerns about the global economic outlook.

Analysts foresee a period of market volatility in the near term as geopolitical tensions in West Asia dampen investor sentiment.

In early trading, the Sensex dropped by 490.71 points, or 0.68 percent, to 71,998.28, while the Nifty fell by 152.80 points, or 0.69 percent, to 21,843.00. The market breadth leaned towards decliners, with 606 shares advancing, 2,031 declining, and 81 remaining unchanged.

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Deepak Jasani, Head of Retail Research at HDFC Securities, anticipates the Nifty to potentially decline towards 21,710, with resistance levels at 22,148-22,214. He underscores ongoing uncertainty driven by geopolitical tensions, rising bond yields, and the corporate earnings season.

Anand James, Chief Market Strategist at Geojit Financial Services, also expects downward momentum to persist in the near term, with the Nifty likely to reach 21,500 before potential bargain hunting resumes. He identifies the upside resistance level at 22,150.

During the initial hours of trading, broader market indices such as BSE Midcap and BSE Smallcap declined by up to 1 percent. India VIX, a measure of near-term volatility, rose by more than 5 percent to 13.81.

All sectors registered losses, with Nifty IT, Nifty PSU Bank, and Nifty Realty indices experiencing declines of over 1 percent each.

Globally, markets reacted negatively to escalating tensions in the Middle East. US equity futures, including Dow Jones Futures and NASDAQ Futures, declined significantly. In Asian markets, Japan's Nikkei 225 led losses with a drop of over 3 percent, followed by declines in South Korea's Kospi and Australia's S&P 200 index.

Oil prices surged following reports of Israel's attack on Iran, with Brent Crude and WTI Crude prices rising by 3 percent each to $90 per barrel and $85 per barrel, respectively. Investors turned to safe-haven assets, driving gold prices close to the all-time high of $2,400 per troy ounce in early trading.

Amidst the uncertainty, market experts advise investors to exercise caution and focus on quality large-cap stocks with a higher margin of safety.

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