Sensex drops 372 points, Nifty below 24,000 on West Asia tensions
Synopsis
Indian equities slipped on Monday as West Asia tensions rattled investor confidence, pushing Sensex below 76,800 and Nifty under the 24,000 mark. Auto, IT, and PSU banking stocks led the decline, while pharma offered the only meaningful refuge — a defensive rotation that signals markets are pricing in a prolonged geopolitical overhang.
Key Takeaways
Sensex fell 372.10 points to close at 76,728.37 on 29 June .
Nifty50 dropped 109.75 points to settle at 23,946.25 , below the 24,000 mark.
Auto , IT , and PSU banking stocks were the session's biggest drags; Mahindra & Mahindra and Tata Motors were among the top Nifty laggards.
Nifty Pharma was the top sectoral gainer; Nifty Metal and Nifty Healthcare also outperformed.
Nifty MidCap fell 0.37% ; Nifty SmallCap declined 0.62% .
Analysts see 23,800–23,900 as key support and 24,100–24,200 as near-term resistance.
BSE Sensex closed 372.10 points, or 0.48%, lower at 76,728.37 on Monday, 29 June, as mounting geopolitical tensions in West Asia triggered a risk-averse mood among investors. The Nifty50 fell 109.75 points, or 0.46%, to settle at 23,946.25 — slipping below the psychologically significant 24,000 mark. Selling was broad-based, with auto, IT, and PSU banking stocks bearing the brunt of the decline.
Key Developments
The session saw sustained selling pressure across most sectors, with the Nifty Auto, Nifty Chemical, and Nifty Oil and Gas indices finishing as the worst performers of the day. Among the most notable laggards within the Nifty basket were Mahindra & Mahindra and Tata Motors Passenger Vehicles, both of which recorded significant single-session declines.
The broader market mirrored the weakness on the frontline indices. The Nifty MidCap index slipped 0.37%, while the Nifty SmallCap index fell 0.62%, reflecting cautious sentiment across market-cap segments.
What Analysts Said
Technical analysts flagged 24,000 as the immediate resistance level for Nifty, with a stronger supply zone visible in the 24,100–24,200 range. On the downside, 23,900 is seen as the first support, followed by 23,800.
'On the downside, the 23,900 level now acts as an immediate support, followed by the 23,800 zone. Holding above these levels will be crucial to prevent further weakness,' an analyst noted.
Market experts also pointed to profit-booking near key psychological levels, with investors reportedly cautious about the durability of an interim US–Iran peace agreement. 'Profit booking persisted near key psychological levels as investors remained cautious about the sustainability of the interim US–Iran peace agreement,' according to market observers.
Sectoral Bright Spots
Not all sectors ended in the red. Nifty Pharma emerged as the top-performing index of the session, posting the strongest gains among sectoral benchmarks. The Nifty Metal and Nifty Healthcare indices also outperformed, supported by selective buying interest that provided a partial cushion against the broader decline.
What to Watch
Analysts expect market participants to closely track further developments in West Asia, alongside upcoming domestic macroeconomic data and global cues. The trajectory of the US–Iran situation, in particular, is likely to remain a key variable shaping risk appetite in the near term. A sustained hold above the 23,800–23,900 support band will be critical to stabilising sentiment heading into the next trading sessions.
Point of View
Into pharma — tells a clearer story than the headline index moves. When markets sell cyclicals and buy defensives on geopolitical news, it suggests investors are not treating West Asia tensions as a short-term blip. The fragility of the US–Iran ceasefire adds a layer of uncertainty that domestic fundamentals alone cannot offset. With Nifty now below 24,000, the next few sessions will test whether institutional buyers step in at support or whether the risk-off mood deepens into a more sustained correction.
NationPress
29 Jun 2026
Frequently Asked Questions
Why did the Sensex and Nifty fall on 29 June?
The Sensex fell 372.10 points and the Nifty dropped 109.75 points on 29 June primarily due to renewed geopolitical tensions in West Asia, which prompted investors to adopt a risk-averse stance. Weakness in auto, IT, and PSU banking stocks amplified the decline.
Which stocks dragged the Nifty lower on Monday?
Mahindra & Mahindra and Tata Motors Passenger Vehicles were among the most notable laggards in the Nifty index. Auto, IT, and PSU banking sectors collectively exerted the heaviest downward pressure on the benchmarks.
Which sectors performed well despite the market selloff?
Nifty Pharma was the top-performing sectoral index of the session. Nifty Metal and Nifty Healthcare also outperformed the broader market, supported by selective buying interest.
What are the key Nifty support and resistance levels to watch?
Analysts identify 23,900 as the immediate support for Nifty, followed by 23,800. On the upside, 24,000 is the immediate resistance, with a stronger supply zone at 24,100–24,200. Holding above the 23,800–23,900 band is seen as critical to preventing further weakness.
How did mid- and small-cap stocks perform on 29 June?
Broader markets also ended lower, with the Nifty MidCap index slipping 0.37% and the Nifty SmallCap index declining 0.62%, reflecting cautious sentiment across all market-cap segments.
