Mumbai, March 6 (IANS) The Indian equity markets saw sharp losses on Friday, amid the ongoing US–Israel and Iran war which entered seventh day.

At the closing bell, Sensex declined 1,097 points, or 1.37 per cent to settle at 78,918. Nifty dipped 315 points, or 1.27 per cent, to close at 24,450. Nifty bank experienced tremendous pressure tanking 2.15 per cent to settle at 57,783.

The broader markets performed in line with the benchmark indices, as Nifty Midcap 100 index lost 0.63 per cent, while the NSE Smallcap 100 declined 0.11 per cent. Nifty Next 50 dipped 0.34 per cent.

Shares of microcap companies showed some resilience, as the Nifty Microcap 250 index only edged down 0.08 per cent.

All sectoral indices traded with losses except FMCG and IT which recorded marginal gains. Nifty private bank, PSU bank and realty emerged as top losers, down 2.19 per cent, 2.11 per cent and 1.91 per cent, respectively.

Shares of defence companies, few public sector undertakings rallied up to 9 per cent on the National Stock Exchange (NSE).

Of all the 4,357 stocks on the BSE, 1,833 advanced, 2,355 declined and 169 remained unchanged. 180 stocks hit the upper circuit and 162 hit the lower circuit.

The Indian rupee ended lower by 0.09 per cent against the dollar to 91.84 per dollar on Friday.

Oil prices surged as Iran launched missiles and drones across the Gulf, striking an oil refinery in Bahrain. Brent crude posted an intraday high above $86, while the US crude closed above $81 per barrel after surging 8.5 per cent last night.

Analysts said that 24,500 continues to remain the key support level for Nifty index, while for the Nifty Bank, the key resistance levels are placed at 59,000 and 58,500 levels.

Market volatility also increased sharply, with India VIX rising more than 11 per cent from the previous close, reflecting growing nervousness among investors and a clear shift toward risk-averse positioning, an analyst noted.

—IANS

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