Indian benchmark indices opened on a muted note on Wednesday, with investors tracking mixed global signals and softer crude oil prices.
The BSE Sensex was trading at 74,567 in early deals, up 8 points or 0.01 per cent, while the NIFTY 50 gained 8 points, or 0.03 per cent, to reach 23,387.
The indices had opened earlier at 74,439.34 and 23,362.45, respectively.
Sector-wise, IT and media stocks remained under pressure, whereas metal, FMCG and chemical shares saw buying interest.
Among the major Nifty losers were Eicher Motors, Power Grid Corporation of India, NTPC, Infosys, Dr Reddy’s Laboratories, Axis Bank and Bajaj Finance.
Broader markets outperformed, with microcap and smallcap counters emerging as the strongest gainers.
India VIX, the market’s volatility gauge, slipped 0.82 per cent to 19.12.
Analysts said caution persisted due to the prolonged West Asia conflict and concerns around India’s macroeconomic outlook. They expect foreign institutional investors to continue selling, while defensive sectors such as pharmaceuticals may attract investors during uncertain conditions.
Experts also advised long-term investors to selectively accumulate quality banking shares during market dips.
Globally, Brent crude dropped 1.31 per cent to $106.35 per barrel, while WTI crude declined 1.37 per cent to $100.
Asian markets traded higher, with Japan’s Nikkei up 0.5 per cent, Hong Kong’s Hang Seng rising 0.32 per cent, and South Korea’s KOSPI gaining nearly 2 per cent.
US markets closed lower overnight, with the S&P 500 down 0.16 per cent and the Nasdaq falling 0.71 per cent.
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