Indian benchmark indices opened on a weak note and extended their losses throughout the session on Wednesday, with selling pressure intensifying in the second half following fresh geopolitical escalation, triggering broad-based risk aversion across the market.The Nifty slipped below key near-term support levels and closed near its day’s low, reflecting a sharp deterioration in market sentiment.At close, the Nifty 50 declined 2.12 per cent or 516.65 points to settle at 23,882.05, while the Sensex fell 2.15 per cent or 1,677.12 points to close at 76,503.60.On the sectoral front, all major sectoral indices ended in negative territory. Nifty FMCG and Private Banks emerged as the biggest laggards, witnessing significant selling pressure. Although Nifty Metal outperformed relative to other sectors, it too ended the session in the red as widespread selling prevailed across the market, as per Bajaj Broking Market Commentary.The broader market also witnessed heavy selling pressure. The Nifty Midcap 100 index declined 1.55 per cent, while the Nifty Small cap 100 index fell 2.24 per cent, indicating sharper weakness in the broader market and heightened risk-off sentiment among investors.In terms of Nifty outlook, the index formed a sizable bearish candle with a lower high and a lower low and a bearish gap above its head (24,348-24,300). Index in the process gave up its entire recent gains to close around the 23,850 levels amid renewed geopolitical tensions between the US and Iran.The index in the morning trade breached the support area of 24,250 and dragged sharply lower in the second half of trade to test key support level of 23,800 during intraday trade.Going ahead, a breach below the key support area of 23,800 will open further downside towards the 23,500-23,600 levels in the coming sessions being the confluence of the previous gap area and 61.8 per cent retracement of the entire previous up move 23,070-24,530.While holding above 23,800 will lead to consolidation in the range of 23,800-24,350. Immediate bias remains down below Wednesday’s gap down area of 24,350.