Domestic equity markets opened lower on Wednesday as renewed geopolitical tensions in the Middle East and weak global cues dampened investor sentiment.
Rising crude oil prices and cautious trading across Asian markets added further pressure on benchmark indices.
The BSE Sensex fell 364.27 points, or 0.46 per cent, to open at 77,816.45, while the NSE Nifty declined 139.15 points, or 0.57 per cent, to 24,259.55.
Selling pressure remained broad-based, with Nifty Oil & Gas leading the losses by more than one per cent.
Realty, PSU Bank, Media, Metal, Auto, Cement and FMCG indices also traded lower.
Nifty Pharma rose 0.73 per cent, and Nifty IT gained 0.25 per cent, bucking the broader market trend.
Shriram Finance, InterGlobe Aviation, Asian Paints, Bajaj Finance, Eicher Motors, Larsen & Toubro and JSW Steel were among the top losers.
Analysts attributed the weak opening to negative global cues, a sell-off in US technology stocks and renewed Middle East tensions, which pushed crude oil prices above $75 a barrel. They expect the Nifty to face resistance at 24,450, with key support at 24,200.
Analysts said a sustained fall below the 24,200 support level could drag the Nifty towards 24,000.
Renewed US-Iran tensions pushed Brent crude to $76.39 a barrel and WTI to $72.72, fuelling concerns over supply disruptions.
Asian markets traded mixed, with Hong Kong’s Hang Seng gaining over two per cent, while Japan’s Nikkei and South Korea’s KOSPI declined.
Overnight, Wall Street ended higher, led by gains in the S&P 500 and Nasdaq.
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