Sensex And Nifty Open Lower On Weak Global Cues; Auto And Pharma Stocks Lead Losses

Indian equity markets opened on a subdued, lower note on Thursday, continuing their losing streak for a fourth straight session as weak global cues dampened investor sentiment.

Traders also exercised caution ahead of the weekly expiry of Sensex derivatives, contributing to intra-day volatility.

By 9:23 AM, the 30-share Sensex was down 124.77 points, or 0.15 per cent, at 84,434.8, while the Nifty fell 22.15 points, or 0.08 per cent, to 25,789.75.

Market experts expect immediate resistance at 25,950–26,000 and believe a decisive breakout above this zone could push the Nifty toward 26,100. They see key support levels at 25,650 and 25,700 in the near term.

Heavyweight stocks such as Sun Pharma, TVS Motor, Mahindra & Mahindra, NTPC, Maruti Suzuki, Kotak Mahindra Bank, Tata Steel, and Bharat Electronics were among the top losers. These shares fell by up to 2 per cent.

Conversely, IT and select banking stocks provided support, with Infosys, HCLTech, Tech Mahindra, TCS, SBI, and ITC trading in positive territory.

Sectoral indices reflected the trend, with Nifty Auto, Nifty Pharma, and Nifty Realty falling by up to 1 per cent.

In contrast, the Nifty IT index gained nearly 0.9 per cent, and the PSU Bank index rose around 0.25 per cent.

Broader markets also saw mild selling pressure, with the Nifty Midcap index slipping 0.10 per cent and the Nifty Smallcap index declining 0.2 per cent.

Global Cues in Focus: Central Banks and Data

Investors remained attentive to key global economic events. The Bank of England and the European Central Bank are set to announce interest rate decisions, and the US will release inflation and jobless claims data later in the day.

The Bank of Japan began its two-day policy meeting and is widely expected to raise rates to 0.75 per cent on Friday.

Foreign institutional investors (FIIs) were net buyers on Wednesday, purchasing shares worth Rs 1,449.22 crore. Domestic institutional investors (DIIs) also bought equities, acquiring shares worth Rs 587.16 crore.

Oil prices also surged in early trade, with Brent crude rising 1.29 per cent to $59.68 per barrel.

US WTI crude gained 1.64 per cent, trading at $56.86 per barrel, adding another variable for market participants to track.

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