Indian equity markets opened marginally lower on Monday as uncertainty surrounding the US-Iran conflict kept crude oil prices elevated and weighed on investor sentiment.
The Nifty 50 opened at 24,343.45, down 22.55 points or 0.09 per cent, while the Sensex fell more than 100 points or 0.15 per cent to 77,892.92.
Among sectoral indices, Nifty MidSmall Financial Services emerged as the biggest laggard, falling 0.98 per cent.
Nifty PSU Bank and Nifty FMCG declined by up to 0.9 per cent in early trade. Realty, cement, IT, energy and private banking stocks traded lower.
In contrast, Nifty Chemicals gained 0.48 per cent, while Nifty MidSmall Healthcare rose 0.45 per cent.
Market experts expect the Nifty to remain range-bound between 24,000 and 24,600 in the near term until fresh triggers emerge.
With crude oil trading around $89 a barrel and no immediate resolution to the US-Iran crisis in sight, elevated oil prices could limit any significant market recovery.
Analysts pointed to weakness in major IT companies and large banking stocks as factors weighing on the benchmark index.
Investors may find short-term opportunities beyond the Nifty 50, particularly in the midcap and smallcap segments, where stock-specific activity remains strong.
The broader market’s recent outperformance during the first-quarter earnings season could continue, analysts said.
A recovery in corporate earnings may provide some support to equities despite external pressures, including higher crude prices.
Technically, the 24,329-24,240 zone has repeatedly limited declines, although market momentum remains weak.
On the upside, the Nifty could face resistance around 24,540-24,666. A break below 24,170 could expose the index to 23,575.
Crude oil prices remained largely stable on Monday, holding on to last week’s gains amid continued concerns over US-Iran tensions.
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