Nifty Falls Below 24,100 on Oil, Iran Fears

Indian equities pulled back Tuesday after a strong Monday session, with the Sensex slipping around 100 points and the Nifty dropping below 24,100. The retreat came as investor sentiment soured on renewed concerns over the Iran-US conflict and a sharp rise in oil prices. Higher crude prices are a direct pressure point for India, which imports most of its oil and faces wider trade deficits and fuel inflation when prices spike. Despite the headline index weakness, broader markets held up. The Nifty Smallcap 100 and Nifty Midcap 100 both posted gains, suggesting selective buying continued outside large-cap stocks. India VIX, which measures expected market volatility, declined during the session, an unusual split from the index dip, indicating traders are not broadly pricing in panic. The key watch points remain crude oil trajectory and any escalation or de-escalation signals in the Iran-US standoff, both of which carry direct consequences for Indian inflation and current account pressure.