India’s benchmark equity indices opened lower on Monday as selling pressure in information technology (IT) stocks weighed on market sentiment, while investors assessed elevated crude oil prices and global economic developments.
The Sensex opened at 72,990.04, down 133.79 points or 0.18 per cent, while the Nifty slipped 75.60 points or 0.33 per cent to 22,524.40.
Among sectoral indices, the Nifty IT emerged as the worst performer, declining over 2 per cent. Nifty MidSmall IT & Telecom, Nifty Realty, Nifty Oil & Gas, Nifty PSU Bank, Nifty Consumer Durables, Nifty Cement and Nifty Auto also fell by up to 1 per cent.
However, the Nifty Private Bank index gained 0.49 per cent, while pharmaceutical and healthcare-related stocks showed resilience.
Market analysts said Brent crude prices had eased slightly but remained elevated, potentially limiting the scope for a sustained recovery in equities. They advised investors to look for value-buying opportunities following the recent correction while remaining cautious about macroeconomic risks arising from high oil prices.
Analysts also attributed last week’s broader market weakness to the sharp correction in midcap and smallcap stocks, partly driven by the liquidation of margin-funded positions. However, they said the decline could create opportunities in select high-growth segments.
The cooling of global AI investments could benefit Indian markets, as FPI outflows from South Korea and Taiwan exceeded those from India in recent months.
On October 23, FIIs bought equities worth ₹887 crore, while DIIs invested ₹3,236 crore for a fourth consecutive session.
Brent crude fell over 2 per cent to around $114 per barrel, while WTI declined to $100.70.
Asian markets opened cautiously as investors awaited central bank meetings and corporate earnings amid uncertainty over the AI-driven rally.
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