Nifty 50 Slumps Below 24,000 Amid Oil Price Surge

The Nifty 50 index fell 0.59% on Wednesday to close at 23,914.45, slipping below the crucial 24,000 support level due to rising Brent crude prices linked to US-Iran geopolitical tensions.

The decline was broad-based across sectors such as auto, IT, and financial services, with 47 of the 50 index constituents ending the day in the red.

Technical indicators suggest that the index is testing lower boundaries, with a potential further downside toward 23,600 and 23,575 zones if support fails to hold at 23,800.