Nifty Slips Below 23,900 on Iran Tensions, 4th Day of Losses

India's benchmark equity indices slid for the fourth consecutive session on Tuesday, with the Sensex shedding over 200 points and the Nifty dropping below the 23,900 mark. Escalating tensions between Iran and the United States kept risk appetite in check across Asian markets.

The Nifty 50 closed at 23,876, down 0.7%. The Sensex ended at 78,642. The selloff was broad, with financials and IT stocks leading the decline. HDFC Bank shares fell 1.2%. Infosys and Wipro each lost roughly 0.8%.

Crude oil prices rose on fears a wider Middle East conflict could disrupt supply from the region. Brent crude climbed above $76 a barrel, raising concerns about India's import bill and domestic inflation. Foreign portfolio investors remained net sellers, offloading about ₹1,200 crore in equities during the session, provisional exchange data showed. Domestic institutions bought roughly ₹800 crore, not enough to offset the selling.

The broader market also weakened, with the BSE midcap and smallcap indices each falling around 0.5%. All 13 major sectoral indices on the NSE ended in the red.

Over the four-day slide, the Nifty has lost roughly 2%, erasing gains from earlier in the month. The next support level for the index is around 23,700, traders said.

HDFC Bank (Alpha Score 38/100, Mixed) saw elevated traffic on its stock page as traders assessed the impact of the selloff on financials. Infosys (Alpha Score 57/100, Moderate) and Wipro (Alpha Score 46/100, Mixed) also drew attention as the IT sector tracked weakness in global tech peers.

Traders said the market's immediate focus is on any diplomatic moves that could de-escalate the Iran-US standoff, and on domestic inflation data due later this week.