Stock market today: Sensex plunges 1,741 pts, Nifty cracks below 24,350 amid US Israel Iran war

After a brief pause for Holi 2026 on Tuesday, domestic benchmark indices Sensex and Nifty opened on a negative note as expected, extending their losses on Wednesday, tracking negative global cues amid the Middle East conflict and escalated tensions between the US, Israel and Iran.

At 9:17 am, the BSE Sensex plunged 1741.71 points, or 2.17%, to 78,497.14. The NSE Nifty slipped 519.50 points, or 2.09%, to 24,346.20.

The market is trading significantly below both short-term and medium-term averages, and daily charts show a weak formation, indicating a generally negative outlook, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

“For positional traders, 24,600 would act as a crucial support zone. If the market slips below this level, the correction could continue until 24,300. Further downside may also persist, potentially dragging the index to 24,000,” Chouhan said.

Top losers

Among Sensex constituents, Larsen & Toubro (L&T) plunged 5.69% to Rs 3835.15. InterGlobe Aviation (IndiGo) declined 4.35%, while Tata Steel, Ultratech Cement, and Adani Ports fell 4.20%, 4.02% and 3.69%, respectively.

Ponmudi R, CEO of Enrich Money, said that disruptions in trade flows through the Strait of Hormuz, caused by increased security risks and insurance restrictions, have resulted in a sharp increase in crude oil prices, exacerbating inflation and supply concerns.

Global Markets

Broader Asian markets also traded lower. Japan’s Nikkei 225 plunged 3.89% to 54,090.11, while South Korea’s Kospi slumped 8.10% to 5,322.93, and Hong Kong’s Hang Seng slipped 2.71% to 25,069.19. 

Wall Street ended the overnight session on a negative note, with all three major indices closed in the red zone. The S&P 500 slipped 0.94% to settle at 6,816.63, while the Dow Jones Industrial Average declined 0.83% to end at 48,501.27. The Nasdaq Composite plunged 1.02% to close at 22,516.69.

If global sell-offs in the US and Europe continue, along with commodity price spikes and continued FII selling, the 50-pack index may test the critical 24,000 support level, where significant open interest is concentrated, said Hariprasad K, SEBI-registered research analyst and founder, Livelong Wealth.

On the downside, Chouhan noted that 25,000 remains a key resistance level for the bulls. 

In the last session on Monday, the Sensex crashed 1,048.34 points, or 1.29%, to close at 80,238.85, while the Nifty plunged 312.95 points, or 1.24%, to end at 24,865.70.