Domestic equity markets opened sharply lower on Tuesday as investors reacted to rising crude oil prices and negative signals from international markets.
The BSE Sensex slipped 344.06 points to 77,272.34 during early trade, while the NSE Nifty lost more than 100 points to trade at 24,068.00.
Financial services and automobile stocks emerged as the biggest laggards in the opening session.
The Nifty Financial Services Ex-Bank index dropped 1.12 per cent, whereas the Nifty Auto index fell by 1 per cent.
Losses also extended to private banking, real estate, and media shares. Metal and healthcare stocks managed to outperform the broader market.
The Nifty Metal index advanced 0.38 per cent, and Nifty Healthcare posted a modest gain of 0.14 per cent.
A sharp jump in crude oil prices added to market uncertainty after geopolitical tensions intensified in the Middle East.
Brent crude climbed to $85.65 per barrel, while US West Texas Intermediate (WTI) crude traded at $80.42 per barrel.
According to market analysts, persistently elevated oil prices could increase cost pressures for fuel-dependent industries, even though India’s underlying economic fundamentals remain relatively strong.
Analysts expect the 24,300 mark to act as the immediate resistance level for the Nifty, while 24,000 is likely to provide near-term support.
A sustained move above 24,300 could pave the way towards 24,530, whereas a break below 24,000 may result in the index testing the 23,800 level.
Investor sentiment also weakened due to declines across major overseas markets.
Most Asian indices, including Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s Kospi, traded in negative territory.
Overnight, US markets also ended lower, with the S&P 500 and Nasdaq Composite closing the session with significant losses, adding further pressure to Indian equities.
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