Indian stock market, May 31 -- India's benchmark equity indices, the Sensex and Nifty 50, closed significantly lower on Friday, May 29, after a sharp late-session decline.

For most of the trading day, both indices moved within a tight range as investors remained cautious amid ongoing uncertainty over a possible US-Iran agreement. However, selling pressure intensified in the final hour of trade, triggering a steep market fall. The Sensex tumbled nearly 1,300 points, while the Nifty 50 dropped to an intraday low of 23,485.

At the close, the 30-stock Sensex was down 1,092 points, or 1.44%, at 74,775.74. The Nifty 50 also ended weak, falling 359 points, or 1.50%, to settle at 23,547.75.

According to Ponmudi R, CEO - Enrich Money, markets a...