Indian equity benchmarks opened lower on Tuesday as rising crude oil prices and selling pressure in IT and auto stocks weighed on investor sentiment. Concerns over a possible US Federal Reserve rate hike this month added to market uncertainty.
The Nifty 50 opened 36.05 points, or 0.15 per cent, lower at 23,743.10, while the Sensex declined more than 150 points, or 0.21 per cent, to 75,970.28.
Nifty IT and Auto fell around 1 per cent, while Oil & Gas and Private Bank declined. Nifty Metal bucked the trend, rising 0.45 per cent.
Experts said the benchmarks remained in a fifth straight week of decline, pressured by high crude prices, IT selling, Fed rate-hike concerns and liquidity absorption by IPOs.
Despite pressure on large-cap stocks, improving fundamentals could offer opportunities. A correction in mid- and small-caps may support a recovery in strong large-cap stocks.
Analysts advised focusing on portfolio allocation rather than market timing, with large-caps offering a favourable risk-reward balance.
Technically, the Nifty faces resistance at 23,860, while 23,720 is immediate support. A break below could trigger declines towards 23,570 and 23,260.
Asian markets traded mixed in morning deals, with investors assessing uneven regional economic data and renewed concerns over Iranian threats in the Persian Gulf.
Crude oil prices continued to rise as fears of a prolonged Middle East conflict intensified.
Iran’s warning of retaliatory action against any fresh US strikes on its assets raised concerns over potential disruptions to oil supplies, adding further pressure to global markets.
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