Highlights: Nifty closes below 24,500 after late sell-off, Sensex crashes 1,000 points; Financials see big dent

Banking and financial stocks were among the major laggards in the market at this hour. HDFC Bank declined 2.47%, while State Bank of India slipped 2.51% and Axis Bank fell 2.74%.

Meanwhile, Eternal dropped 3.06%, and ICICI Bank was the top loser among them, falling 3.30%.

With just minutes left for the closing bell, the Indian stock market continued to slide as selling pressure intensified. The Sensex slipped below the 79,000 mark, falling over 1,100 points or about 1.4%, while the Nifty dropped below 24,500, declining more than 250 points or around 1.08%

At around 2 PM, the Indian stock market continued to trade under pressure. The Sensex fell 766.16 points, or 0.96%, to 79,249.74, while the Nifty declined 211.40 points, or 0.85%, to 24,554.50.

In the afternoon trading session, the Indian stock market continued to trade in the red as selling pressure persisted. The Sensex slipped 507.05 points, or 0.63%, to 79,508.85, while the Nifty fell 141.60 points, or 0.57%, to 24,624.30.

In today’s trading session, the Nifty Defence index surged nearly 3% in intraday trade, reflecting strong buying interest in defence stocks.

Among the key defence companies, Bharat Electronics, Solar Industries, Mazagon Dock Shipbuilders, Hindustan Aeronautics, and Bharat Dynamics were all trading in the green during the session.

Also read: Mazagon Dock: Why this defence PSU stock surged 8% today – 5 key reasons every investor must know

Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments said, "As the war continues to rage and uncertainty looms large, markets will be influenced by the crude prices. It is important to understand that even though crude has spiked by about 16% since the war began this is not among the major spikes in crude compared to earlier geopolitical crises which impacted crude. This is a reflection of the potential huge supply of oil available in the global market. Once the West Asian crisis deescalates, crude prices will dip sharply and markets will bounce back. Therefore, crude price will continue to influence the market in the near-term. So long as Brent crude moves around $85 levels, the market is unlikely to be impacted. On the other hand, if Brent price spikes above $90 and moves towards $100, globally markets will be impacted. Therefore, watch out for crude prices."

"Nifty 50 is showing early signs of stabilization following the recent rebound from lower levels; however, the index continues to face resistance around the 24,900–25,000 zone, which remains a key barrier for further upside. A sustained move above 25,000 would strengthen the near-term technical structure and could potentially open the path toward 25,300–25,500," said Ponmudi R, CEO of Enrich Money.

"On the downside, 24,650 is placed as the immediate support level, followed by a stronger support zone around 24,530–24,500, where buying interest had previously emerged. Momentum indicators remain relatively subdued, with the RSI near 38, reflecting weak momentum, while the MACD remains in negative territory, suggesting that broader trend confirmation is still pending. Although the rebound has improved the short-term structure slightly, sustained buying momentum is required to confirm a stronger recovery. Until then, the index is likely to move in a consolidation phase with a cautious undertone," he added.