Domestic equity markets opened lower on Wednesday as rising crude oil prices and continued geopolitical tensions weakened investor sentiment.
The Sensex fell as much as 273 points, or 0.34 per cent, to touch an intraday low of 77,881 during morning trade. The Nifty declined 81 points, or 0.33 per cent, to 24,390.
Among sectoral indices, Nifty Metal emerged as the leading gainer, rising 0.86 per cent. Nifty PSU Bank advanced 0.60 per cent, while Nifty Auto gained 0.23 per cent.
Selling pressure affected several other sectors. Nifty FMCG fell 0.64 per cent, Nifty Realty declined 0.58 per cent and Nifty Healthcare dropped 0.41 per cent. Nifty IT also slipped 0.38 per cent.
Market experts said the benchmark indices continued to move sideways as higher crude prices and geopolitical uncertainty prevented an upward breakout.
Brent crude’s return above the $89-a-barrel mark remained a major concern for investors.
Experts said intermittent tensions between the United States and Iran, along with Tehran’s hardening position on reopening the Strait of Hormuz, could keep oil prices elevated and restrict market gains.
SBI’s 8 per cent FY27 growth forecast, above the RBI’s 6.7 per cent estimate, raised hopes of stronger corporate earnings.
Brent crude rose about 1 per cent to $89.87 per barrel, while US West Texas Intermediate crude gained 1.14 per cent to $84.14.
Asian markets traded mixed. Japan’s Nikkei edged higher, Hong Kong’s Hang Seng fell 1 per cent and South Korea’s KOSPI surged more than 4 per cent.
Overnight, US markets ended lower, with the Nasdaq falling 0.6 per cent and the S&P 500 declining 0.32 per cent.
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