Mumbai, March 13 (IANS) The Indian equity markets opened sharply lower early on Friday as crude oil prices due to the US-Iran war weighed on investor sentiments. As of 9.25 am, Sensex lost 516 points, or 0.68 per cent, to reach 75,517 and Nifty eased 174 points, or 0.74 per cent, to reach 23,464.Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 declined 0.84 per cent, and the Nifty Smallcap 100 lost 1.08 per cent.All sectoral indices traded in red except Nifty FMCG which gained 0.41 per cent. Nifty metal led the losses, down 1.84 per cent. Nifty IT and media were among the top losers, down 1.18 per cent and 1.17 per cent, respectively.

Near-term resistance for Nifty is placed at 23,800 area, while support is located at 23,600 level zone, analysts said.Resistance for Bank Nifty is seen near 55,600–55,700 range, while support is located in the 54,700 area, market participants said.Iran’s new Supreme Leader Mojtaba Khamenei said the Strait of Hormuz should remain closed and that Tehran could open other fronts in the war if the conflict persists.Though the geopolitical situation is creating volatility in oil prices and financial markets, there is no immediate risk of fuel shortages in India, analysts said. 

The key concern for markets at this stage is higher oil prices and their potential impact on inflation, the rupee, and corporate costs, rather than any disruption to fuel availability, they added.India maintains a significant energy buffer with around 25 days of crude oil reserves and another 25 days of refined fuel stocks, along with strategic petroleum reserves, giving India a total supply cushion of approximately 50–60 days even without fresh imports.In Asian markets, China's Shanghai dipped 0.22 per cent, and Shenzhen eased 0.17 per cent, Japan's Nikkei moved down 1.22 per cent, and Hong Kong's Hang Seng Index lost 0.43 per cent. South Korea's Kospi lost 1.58 per cent. The US markets ended deep in red overnight as Nasdaq plummeted 1.78 per cent. The S&P 500 lost 1.52 per cent, and the Dow Jones declined 1.56 per cent.On March 12, foreign institutional investors (FIIs) in India net sold equities worth Rs 7,049 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 7,449 crore.

/ IANS