Indian equity benchmarks opened lower on Monday as persistent global headwinds weighed on investor sentiment. Financial, realty and auto stocks led the early decline, while rising crude oil prices and foreign selling added pressure.
The Nifty opened 75.60 points, or 0.33 per cent, lower at 23,064.90, while the Sensex fell 161 points, or 0.22 per cent, to 73,734.83.
Hindalco Industries, Bajaj Finance, Kotak Mahindra Bank, Grasim Industries and Shriram Finance featured among the leading Nifty losers, declining by up to 1.76 per cent.
Realty stocks led sectoral losses, with the Nifty Realty index falling more than 1 per cent. Cement, financial services, private banks, auto and FMCG stocks also traded lower.
Market analysts said elevated crude prices and US bond yields continued to pressure Indian equities despite domestic economic resilience and improving corporate earnings.
Brent crude traded above $106 a barrel, while the US 10-year Treasury yield remained around 5.2 per cent, adding to global market concerns.
Foreign portfolio investors also returned to selling in September after buying equities in July and August. Analysts noted that foreign investors continued to show interest in some mid-cap and small-cap stocks while reducing exposure to large-cap shares.
Market participants will track the Nifty’s 22,900-23,000 support zone and 23,250-23,300 resistance range for further direction.
Brent crude rose more than 2 per cent to $106.69, while US West Texas Intermediate crude gained more than 1 per cent to $93.82.
Asian markets largely traded lower, with Japan’s Nikkei, Hong Kong’s Hang Seng and Jakarta Composite declining.
Meanwhile, Wall Street ended higher overnight, with the S&P 500 gaining 0.51 per cent and the Nasdaq rising 0.48 per cent.
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