Sensex, Nifty Open Lower On Mixed Global Cues As IT Stocks Drag

Domestic equity benchmarks opened lower on Tuesday as investors assessed mixed global cues, elevated crude oil prices and the ongoing West Asia conflict.

The Sensex opened at 73,484.38, down 122.37 points, or 0.17 per cent. The Nifty started the session at 22,708.80, falling 44.40 points, or 0.20 per cent.

Selling pressure affected information technology, cement and oil and gas stocks during early trade.

The Nifty IT index declined more than 1 per cent, while Nifty Cement fell 0.98 per cent and Nifty Oil and Gas slipped 0.53 per cent.

Infosys, Asian Paints, Tata Consultancy Services (TCS), JSW Steel and HCL Technologies featured among the top Nifty losers, with losses reaching 2.78 per cent.

In contrast, pharmaceutical, healthcare and public sector banking stocks attracted buying interest.

Nifty PSU Bank gained 0.68 per cent, while Nifty Pharma advanced 0.44 per cent and Nifty Healthcare rose 0.39 per cent.

Market experts identified Brent crude prices above $114 per barrel and the US 10-year Treasury yield near 4.97 per cent as near-term challenges.

They said foreign institutional investors (FIIs) could remain cautious, while strong corporate earnings and domestic fund inflows could support the market.

FIIs sold equities worth ₹1,462 crore on Monday. Domestic institutional investors (DIIs), however, purchased shares worth ₹2,609 crore, extending their buying streak to 10 consecutive sessions.

Global markets offered some support. US markets closed higher overnight, with the S&P 500 rising 0.7 per cent and the Nasdaq gaining 0.82 per cent. Asian equities, however, showed mixed trends in early trade.

Also Read: Crude Oil Prices Fall Up To 1% On Hopes Of Middle East De-escalation