Indian equity markets opened in negative territory on Tuesday, with investors remaining cautious due to ongoing geopolitical tensions, concerns over a weaker-than-expected monsoon and elevated crude oil prices, as the BSE Sensex opened at 73,945.20, down 322 points or 0.43 per cent from its previous close, while the NSE Nifty started the session at 23,229.15, slipping 153.45 points or 0.65 per cent.
Selling pressure was visible across most sectors. Nifty Auto, Nifty Realty and Nifty Chemicals declined by nearly 1 per cent each during early trade.
Private banking, PSU banking, cement and media stocks also traded lower. In contrast, the technology sector outperformed the broader market, with the Nifty IT index rising close to 2 per cent.
Bajaj Finance, Bajaj Finserv, Eternal, Apollo Hospitals, Shriram Finance, Max Healthcare, Power Grid, NTPC, Trent and SBI Life led the losses on the Nifty.
Despite the weak start, India VIX, the market’s fear gauge, fell more than 2 per cent to 16.
Analysts blamed geopolitical tensions, elevated crude oil prices and monsoon concerns for the cautious market mood.
The latest IMD forecast of below-normal rainfall has raised fears over agricultural output, economic growth and inflation.
Experts said a weaker monsoon has added to investor uncertainty, while lower crude prices and easing tensions in West Asia could improve sentiment.
Brent crude slipped 0.67 per cent to $94.34 per barrel, and WTI crude fell 0.75 per cent to $91.46. Across Asia, Japan’s Nikkei and South Korea’s KOSPI traded lower, while Hong Kong’s Hang Seng gained around 1 per cent.
Wall Street ended slightly higher overnight, with gains in both the S&P 500 and Nasdaq.
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