Mumbai, March 11 (NationPress) The Indian stock markets experienced moderate declines during early trading on Wednesday, driven by cautious sentiment amid the ongoing conflict between the US-Israel and Iran, which has led to a prolonged closure of the Strait of Hormuz.

At 9:25 am, the Sensex had fallen by 109 points, or 0.14 percent, reaching 78,096, while the Nifty decreased by 26 points, or 0.11 percent, settling at 24,234.

Notably, the major broad-cap indices exhibited a divergence from the benchmark indices, with the Nifty Midcap 100 rising by 0.72 percent, and the Nifty Smallcap 100 increasing by 0.85 percent.

All sectoral indices were in the green, except for Nifty FMCG, financial services, and private banks. The private banks sector led the losses, declining by 0.73 percent. On the other hand, Nifty media, metal, and consumer durables emerged as the top gainers, with increases of 1.52 percent, 1.58 percent, and 1.25 percent, respectively.

According to analysts, the near-term resistance for Nifty is near the 24370-24416 zone, while strong support is identified in the 23700-24080 range.

Data from the derivatives market indicated that foreign investors and proprietary traders maintained a positive outlook, whereas retail investors turned bearish.

For Bank Nifty, resistance is expected near the 57,200–57,300 zone, while support is anticipated in the 56,600–56,700 range, as noted by market participants.

Sector-wise, auto, financials, and consumer-oriented stocks led the recovery in the previous session, while some pressure was observed in specific IT and oil & gas stocks. The broader markets remained stable, with midcap and small-cap stocks outperforming the frontline indices, reflecting selective buying interest across various sectors.

On Wednesday, uncertainties persisted regarding the resolution of the US-Israel war on Iran, compounded by concerns over stagflation and US President Donald Trump's threats of retaliation following reports of Iran mining activities in the Strait of Hormuz.

Oil prices, which earlier this week peaked at $120 per barrel, plummeted below the $90 mark due to reports of several countries planning to utilize emergency crude reserves to mitigate disruptions caused by the ongoing conflict.

As of early Wednesday, international Brent crude was down 0.44 percent, priced at $87.39 per barrel.

In Asian markets, China's Shanghai increased by 0.05 percent, Shenzhen rose by 0.85 percent, Japan's Nikkei ascended by 2.48 percent, and Hong Kong's Hang Seng Index surged by 0.33 percent. South Korea's Kospi gained 3.41 percent.

US markets closed mixed overnight, with Nasdaq gaining 0.01 percent, while S&P 500 fell by 0.21 percent, and the Dow Jones dropped 0.07 percent.

On March 10, foreign institutional investors (FIIs) net sold equities worth Rs 4,685 crore, whereas domestic institutional investors (DIIs) were net buyers of equities totaling Rs 6,250 crore.

aar/na