Indian Markets Open Lower On Weak Global Cues, Metal Stocks Drag

Indian equity markets opened on a weak note on Thursday, tracking subdued global cues and a sell-off in metal stocks.

At around 9:23 AM, the Sensex was down 254 points, or 0.30 per cent, at 83,563, while the Nifty slipped 85 points, or 0.33 per cent, to trade near 25,690.

Broader markets also remained under pressure. The Nifty Midcap 100 edged lower by 0.04 per cent, while the Nifty Smallcap 100 declined 0.31 per cent, reflecting cautious investor sentiment across segments.

Sectoral indices traded mixed in early deals.

Metal stocks were the biggest drag, with the Nifty Metal index falling 1.71 per cent, followed by realty stocks, which declined 0.82 per cent.

In contrast, the Nifty Oil and Gas index emerged as the top gainer, rising 1.02 per cent. IT stocks showed resilience and remained relatively insulated from the global tech sell-off.

Key Technical Levels to Watch

Market participants identified immediate support for the Nifty in the 25,600–25,650 range, while resistance is seen in the 25,900–25,950 zone.

Asia-Pacific markets traded largely in the red during the morning session as the technology-led sell-off on Wall Street gathered pace.

China’s Shanghai index fell 1.03 per cent, while the Shenzhen index eased 0.88 per cent.

Japan’s Nikkei declined 0.73 per cent, Hong Kong’s Hang Seng Index slipped 1.07 per cent, and South Korea’s Kospi dropped 2.84 per cent.

Overnight, US markets ended mostly lower, with the Nasdaq down 1.51 per cent and the S&P 500 falling 0.51 per cent, although the Dow Jones gained 0.53 per cent.

NSDL data showed foreign institutional investors were net sellers across most sectors in January but turned buyers in metal and capital goods stocks.

On February 4, FIIs net bought equities worth Rs 30 crore, while domestic institutional investors purchased shares worth Rs 250 crore.

Analysts advised investors to remain selective and disciplined amid elevated volatility.