Mumbai, March 13 (NationPress) The Indian stock markets commenced trading significantly lower on Friday, impacted by rising crude oil prices amid escalating tensions from the US-Iran conflict, which has dampened investor confidence.

As of 9:25 AM, the Sensex plummeted by 516 points, reflecting a decrease of 0.68 percent, settling at 75,517, while the Nifty index fell by 174 points, or 0.74 percent, to 23,464.

Broad-cap indices followed suit, mirroring the downturn of benchmark indices, with the Nifty Midcap 100 dropping by 0.84 percent and the Nifty Smallcap 100 declining by 1.08 percent.

All sectoral indices traded in the negative, with the exception of Nifty FMCG, which managed a modest gain of 0.41 percent. The Nifty metal sector faced the steepest decline at 1.84 percent. Additionally, Nifty IT and media industries were among the significant losers, down 1.18 percent and 1.17 percent, respectively.

According to analysts, the near-term resistance for Nifty is identified at the 23,800 level, whereas the support is positioned around the 23,600 zone.

For Bank Nifty, resistance levels are observed near the 55,600–55,700 range, with support indicated at the 54,700 level, as per market participants.

Iran's newly appointed Supreme Leader, Mojtaba Khamenei, has stated that the Strait of Hormuz should remain closed, hinting at the possibility of opening new fronts in the ongoing conflict should it continue.

Despite the geopolitical turmoil influencing oil prices and financial markets, analysts suggest there is currently no immediate threat of fuel shortages in India.

The primary concern for the markets right now is the surge in oil prices and their potential repercussions on inflation, the rupee, and corporate expenses, rather than any disruption in fuel supply.

India is well-equipped with approximately 25 days' worth of crude oil reserves and an additional 25 days of refined fuel stocks, along with strategic petroleum reserves, ensuring a total supply cushion of about 50–60 days even without new imports.

In the Asian markets, China's Shanghai Composite fell by 0.22 percent, and Shenzhen decreased by 0.17 percent. Japan's Nikkei dropped by 1.22 percent, while Hong Kong's Hang Seng Index lost 0.43 percent. South Korea's Kospi declined by 1.58 percent.

The US markets closed significantly lower overnight, with the Nasdaq facing a drop of 1.78 percent. The S&P 500 slipped by 1.52 percent, and the Dow Jones fell by 1.56 percent.

On March 12, foreign institutional investors (FIIs) in India recorded net sales of equities amounting to Rs 7,049 crore, whereas domestic institutional investors (DIIs) were net buyers of equities worth Rs 7,449 crore.

aar/na