BT Closing Bell | West Asia conflict woes return to haunt Sensex, Nifty but trend reversal likely soon

AhmadJunaidBlogJune 8, 2026357 Views

Sensex and Nifty extended their losing streak for the second straight session on Monday as Iran and Israel were engaged in attacks, which dampened market sentiment across the globe.Sensex ended 719 pts lower at 73,524 and Nifty slipped 244 pts to close at 23,123. Among Sensex constituents, Eternal (3.24%), IndiGo (2.61%), M&M (2.51%), RIL (2.13%), TCS (2.13%) and Bajaj Finance (2.05%) shares were the top losers today. Of 30 Sensex stocks, 23 ended in the red.

PowerGrid, Tech Mahindra, BEL and Bhart Airtel shares were the top Sensex gainers, rising up to 2% in the current session.

As many as 145 stocks hit their 52-week highs today. On the other hand, 111 shares fell to their 52-week lows on BSE.

Nifty Midcap index crashed 849 pts to 59,905. Nifty small cap stock index too plunged 347 pts to 17,763 level.

Out of 4,537 stocks traded, 1249 stocks were in the green on BSE. Around 3117 stocks were in the red while 171 stocks remained unchanged. Around 7 stocks hit their lower circuits and upper circuits each today.

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Market outlook

Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited said, “As long as the Sensex holds above the 72,750–73,000 support zone, intermittent pullback rallies may continue. However, a decisive move above 73,900–74,000 is required to regain bullish momentum, while a breach of support could trigger further downside pressure in the near term.”

Rupak De, Senior Technical Analyst at LKP Securities said, “Following a gap-down opening, the index remained volatile throughout the day as market participants grappled with uncertainties coming from the middle east. Nifty has registered a consolidation breakdown on the daily chart, while the RSI remains in a bearish crossover and continues to trend lower. The index is also trading below its critical moving averages, indicating a weak underlying trend.

However, the latest candle formation on the daily chart offers some hope for a short-term reversal, as Nifty has formed an inverted hammer candlestick pattern. A move above and sustained trading beyond 23,125 could trigger a meaningful recovery towards the 23,250–23,300 zone. On the downside, a breach below 23,070 may invalidate the pattern and drag Nifty below the 23,000 mark.”

Previous session

Sensex declined 116.67 points, or 0.16%, to close at 74,243.34, falling as much as 474 points from the day’s high, while the Nifty also slipped 49.85 points, or 0.21%, to settle at 23,366.70.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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