Mumbai, April 23 : The Indian equity markets ended sharply lower for the second consecutive session on Thursday, with benchmark indices declining about 1 per cent each amid escalating tensions in West Asia over the Strait of Hormuz.

Sensex settled at 77,664, down 852 points or 1.09 per cent, while Nifty closed at 24,173, losing 205 points or 0.84 per cent as selling pressure intensified across auto, banking, IT and realty stocks. Major laggards included Tech Mahindra, Infosys, Tata Motors Passenger Vehicles (TMPV), Mahindra & Mahindra, Eicher Motors, HDFC Bank and ICICI Bank.

During the session, Sensex slipped as much as 1.2 per cent to hit an intraday low of 77,574, while the Nifty fell nearly 1 per cent or 243 points at 24,134.80.

Sectorally, Nifty Auto, Nifty PSU Bank, Nifty Consumer Durables, Nifty Realty and Nifty IT indices dropped up to 2 per cent each, leading the losses.

In contrast, defensive pockets showed some resilience, with the Nifty Healthcare and Nifty Pharma indices gaining up to 2 per cent.

The weakness was broad-based, with wider market indices also ending in the red. Nifty 100 declined 0.93 per cent, while Nifty 200 fell 0.83 per cent. The Nifty 500 index slipped 0.79 per cent, reflecting overall market pressure.

Category-wise, mid-cap and small-cap segments also witnessed selling, with Nifty Midcap 50 down 0.71 per cent, while Nifty Smallcap 100 and Nifty Smallcap 50 both fell 0.6 per cent each.

In addition, the volatility tracker index India VIX increased by 1.58 per cent to almost 20.

Analysts said market sentiment weakened sharply as geopolitical tensions escalated after uncertainty over Iran ceasefire talks and continued disruptions at the Strait of Hormuz.

Rising crude prices, rupee weakness and institutional selling have reinforced a risk-off environment, they added.

For Nifty, market experts stated that the index encountered resistance near the 24,300 level, which previously acted as support and has now turned into an immediate resistance band in the 24,300â??24,400 range, thereby capping further upside.

"From a technical standpoint, this zone continues to function as a key supply area, indicating persistent selling pressure at higher levels. On the downside, the 24,100â??24,000 range now serves as immediate support, and a decisive break below this zone could accelerate the decline towards the 23,800 level," according to them.

Moreover, currency experts said that the rupee weakened past the 94 mark amid strong dollar demand and a shift towards safe-haven assets, with rising crude prices and a firm US dollar adding pressure.

Meanwhile, global cues remained weak, with Brent crude rising around 4 per cent to $105.86 per barrel, amid supply concerns linked to the ongoing geopolitical tensions.

/IANS