Mumbai’s stock market kicked off the week in deep red on Monday, hammered by escalating conflicts in the Middle East. The BSE Sensex plunged over 1,000 points at open, while the NSE Nifty shed more than 300 points amid fears of a broader US-Israel-Iran war.
By 9:25 AM, the Sensex was down 1,043.10 points, or 1.28%, trading at 80,244.09. The Nifty followed suit, dropping 309.70 points, or 1.23%, to 24,868.95. Every Nifty sectoral index flashed red, and in the Sensex pack, only BEL escaped the carnage as all other 29 stocks tumbled.
Broader markets fared even worse. The Nifty Midcap 100 index lost 1.36%, and the Smallcap 100 plunged 1.86%. Realty led the sectoral rout with over 2% losses at open, closely trailed by media stocks.
Metal stocks offered a sliver of relief, posting the smallest declines and briefly turning into the best performer. Global jitters stemmed from reports of Iran’s top leader Ayatollah Ali Khamenei and several senior officials killed in joint US-Israel strikes. US President Donald Trump vowed retaliation for American lives lost in Iranian counterattacks, signaling prolonged hostilities.
The ripple effects hit hard: equities tanked worldwide, while safe-haven gold and silver surged. Choice Equity Broking’s Hitesh Tayal noted Nifty resistance at 25,600-25,650, with support at 25,300-25,350. RSI at 47.11 indicates neutral momentum.
Foreign institutional investors (FIIs) sold off Rs 3,465 crore on February 26, their net selling spree continuing. Domestic players (DIIs) countered with over Rs 5,000 crore in buys for the third straight session.
Experts urge caution in this volatile climate. Stick to fundamentally strong stocks during dips. Wait for a decisive breakout above 25,800 on the Nifty before going long—that would confirm bullish structure and sustained upside potential.