Domestic benchmark indices opened lower on Thursday, tracking weak global cues and heightened geopolitical concerns in West Asia.
Investors remained cautious amid rising crude oil prices and uncertainty surrounding the broader economic outlook.
The Sensex fell more than 450 points, or 0.62 per cent, to an intraday low of 73,518 during early trade. The Nifty also declined over 100 points, slipping 0.61 per cent to touch 23,072.
Selling pressure was most visible in technology stocks. The Nifty IT index dropped more than 2 per cent, making it the worst-performing sector in early trading. Nifty MidSmall IT & Telecom, Nifty Cement and Nifty Auto also traded lower.
Among the Nifty 50 constituents, HCLTech emerged as one of the biggest losers, falling more than 3 per cent. Infosys, Tech Mahindra, TCS and Wipro also remained under pressure.
Other notable laggards included Trent, Eicher Motors, Titan and Mahindra & Mahindra.
In contrast, healthcare and media stocks offered some support to the market. Nifty Pharma and Nifty500 Healthcare gained up to 0.50 per cent, while the Nifty Media index rose 0.78 per cent, emerging as the top sectoral performer.
Market experts attributed the weakness to escalating tensions in West Asia and the sharp rise in global crude oil prices.
Higher energy costs have renewed concerns over inflation, which could complicate the outlook for interest rates and economic growth worldwide.
The uncertainty has encouraged a risk-averse approach among investors across global markets.
Analysts noted that recent measures by the Reserve Bank of India and the government have helped provide some stability to the rupee.
Ongoing geopolitical developments and fluctuations in foreign investment flows are likely to keep markets volatile in the near term.
Adding to investor concerns, the US Central Command announced fresh strikes on multiple targets in Iran, citing continued aggression by the country.
On the commodities front, Brent crude climbed 2.54 per cent to $95.47 per barrel, while US West Texas Intermediate (WTI) crude surged 4 per cent to $93.64 per barrel.
Asian markets largely mirrored the cautious sentiment, with Hong Kong’s Hang Seng and South Korea’s KOSPI declining up to 1 per cent.
Japan’s Nikkei traded flat, while Wall Street ended lower overnight, with the S&P 500 and Nasdaq posting notable losses.
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