Sensex Opens 122 Points Down And Nifty Slips Below 22,750, IT Sector Faces Selling Pressure Amid Rising Oil Concerns
Mumbai: Indian stock markets opened lower on Tuesday as mixed global cues, elevated crude oil prices and continuing geopolitical tensions in West Asia weighed on investor sentiment. Selling pressure in information technology (IT) stocks dragged benchmark indices into negative territory.
The BSE Sensex opened at 73,484.38, declining 122.37 points or 0.17 per cent. Similarly, the NSE Nifty 50 began trading at 22,708.80, down 44.40 points or 0.20 per cent.
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Selling pressure was concentrated in IT, cement and oil and gas stocks during early trading. The Nifty IT index declined over 1 per cent, while Nifty Cement slipped 0.98 per cent and Nifty Oil & Gas fell 0.53 per cent. Among Nifty constituents, Infosys, Asian Paints, Tata Consultancy Services (TCS), JSW Steel and HCL Technologies were major laggards, declining up to 2.78 per cent.
However, defensive sectors attracted buying interest. Nifty PSU Bank gained 0.68 per cent, while Nifty Pharma and Nifty Healthcare advanced 0.44 per cent and 0.39 per cent, respectively.
Crude Oil Remains Concern
Market analysts highlighted elevated Brent crude prices above $114 per barrel and US 10-year Treasury yields near 4.97 per cent as significant challenges.
Despite these headwinds, improving corporate earnings and sustained domestic institutional investments could provide support to Indian equities.
Nifty Support And Resistance
Technical analysts identified 22,630 as an important support level for the Nifty. Holding above this level could encourage recovery towards 23,000 and subsequently 23,500.
However, a sustained decline below 22,630 could expose the index to further downside towards 22,250–22,000.
Sensex Falls 134 Points And Nifty Slips Below 22,600 As Rising Crude Oil Prices And West Asia Tensions Weigh On InvestorsFII Selling Continues
Foreign institutional investors (FIIs) sold equities worth ₹1,462 crore on Monday. Meanwhile, domestic institutional investors (DIIs) purchased shares worth ₹2,609 crore, extending their buying streak to ten consecutive sessions.
Overnight, US markets closed higher, with the S&P 500 gaining 0.7 per cent and Nasdaq advancing 0.82 per cent. Asian markets traded mixed.
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