New Delhi [India], July 14 (ANI): Domestic stock markets opened in the red on Tuesday amid escalating geopolitical tensions and rising crude oil prices, which sparked widespread selling by investors.

The BSE Sensex fell by 524.12 points, or 0.68 per cent, to stand at 77,092.28 points. Similarly, the broader NSE Nifty 50 shed 145.20 points, representing a decline of 0.60 per cent, to trade at 24,065.80 points.

At the time of reporting, the commodities traded higher, with Brent Crude rising 1.88 per cent (+ USD 1.56) to USD 84.86 per barrel and Crude Oil climbing 2.24 per cent (+USD 1.75) to settle at USD 79.89 per barrel. Meanwhile, gold jumped by 0.34 per cent (+USD 13.49) to trade at USD 4,015.28.

Market experts pointed out that internal support mechanisms remain vital to preventing further steep declines as international pressures mount.

'The global financial landscape is bracing for a highly volatile and tense trading session today,' banking and market expert Ajay Bagga said.

Bagga attributed the current market weakness to international developments that overrode domestic cues. The shift in investor sentiment occurred despite the start of the corporate financial reporting cycle in Western markets.

In the US market, major indices are trading in the red, with the Dow Jones Futures down 167.87 points at 52,330.77, the S&P 500 declining by 60.05 points to 7,515.34, and the Nasdaq leading the losses with a drop of 408.43 points to stand at 25,873.18.

'A dangerous convergence of escalating military conflict in the Middle East, hawkish central bank rhetoric, and critical upcoming inflation data has created a risk-off environment even as the earnings season starts in the US with a strong corporate earnings growth outlook,' Bagga said.

Bagga noted that regional market indicators had already signalled a weak start for Indian equities prior to the opening bell.

'With the GIFT Nifty flashing a gap-down opening and Asian markets in the red, Dalal Street is set for a turbulent ride on a usually volatile weekly Nifty expiry day,' he added.

In the Asian markets, significant losses are recorded where the Taiwan Weighted index plummeted 3.81 per cent (-1,667.25 points) to 43,713.27, and the KOSPI dropped 3.51 per cent (-230.97 points) to 6,575.96.

Other indices in the region also traded lower, including India's GIFT NIFTY, Japan's Nikkei 225, Hong Kong's Hang Seng, the Shanghai Composite, the Straits Times and SET Composite.

Opposing the regional trend, the Jakarta Composite managed a gain of 0.66 per cent (+40.41 points), rising to 6,078.25.

'We believe the 20-day SMA (Simple Moving Average) or 24,000/77000 will act as a key support zone for short-term traders,' Shrikant Chouhan, Head Equity Research, Kotak Securities, noted.

According to Chouhan, the broader positive momentum for the indices remains intact provided the market holds above these specific baseline numbers.

'On the upside, 24,275/77,800 could act as immediate resistance for day traders. If the market successfully breaks above this level, the rally could continue towards 24,350-24,400/78,000-78,200,' he said.

'On the other hand, below 24,000/77,000, the uptrend could weaken, and a gradual decline can occur towards 23800/76400,' Chouhan concluded. (ANI)