Nifty slips for fifth straight session as crude spike, Iran fears rattle Dalal Street

Markets suffered a fifth consecutive loss on Tuesday, August 18, as oil prices surged and concerns over the future of the U.S.-Iran peace agreement dampened investor confidence. The Sensex and Nifty both closed lower on the previous day, with the Sensex opening at 77,418.97 and the Nifty at 24,223.85. Brent crude prices surged above $91 per barrel after President Trump decided not to extend the ceasefire, while Wall Street's major indices opened lower on Monday.

The U.S. 10-year bond yield rose to 4.73 per cent, negatively impacting foreign institutional investment inflows. Both domestic and foreign institutional investors traded equities, with the latter providing support to prevent a steeper decline. Among the top gainers in the Nifty 50 were Zomato, ONGC, Grasim Industries, Bajaj Auto, and Nestlé India.

However, IT companies such as Infosys, Bharti Airtel, Jio Financial Services, Asian Paints, and IndiGo suffered losses. Sector-wise, the IT index dropped nearly 2 per cent, while Realty and Metal indices gained. The Nifty closed below the 20-day simple moving average, indicating technical damage. Analysts noted potential support levels at 24,200 for the Sensex and 24,400 for the Nifty, with resistance at 24,400 and 78,000 respectively.