Domestic benchmark equity indices opened on a subdued note on Tuesday as weak cues from Asian markets and a sharp global semiconductor selloff dampened investor sentiment.
The Sensex slipped 4 points, or 0.01 per cent, to open at 76,831.75, while the Nifty fell 24.70 points, or 0.10 per cent, to 23,971.25.
IT stocks emerged as the top performers in early trade, with the Nifty IT index rising 2 per cent.
The Nifty MidSmall IT & Telecom index gained 1 per cent, while realty, healthcare and pharmaceutical stocks also traded in positive territory.
In contrast, energy stocks remained under pressure, with the Nifty Oil & Gas index declining 0.30 per cent and the Nifty PSU Bank index slipping 0.26 per cent.
Investor sentiment remained cautious after a broad-based decline in global semiconductor stocks following the strong market debut of China’s ChangXin Memory Technologies (CXMT), which intensified concerns about growing competition in the memory chip industry.
Analysts said weak global cues could continue to weigh on Indian equities despite the recent recovery in benchmark indices.
The Nifty ended its five-session losing streak on Monday by gaining 228 points to close at 23,995.
The index has recovered more than 400 points from Friday’s low of 23,606, indicating renewed buying interest.
Market experts identified 23,606 as a key support level, while a close above 24,200 could strengthen bullish momentum. Immediate support is seen around 23,800.
Asian markets declined, with Japan’s Nikkei and South Korea’s KOSPI posting sharp losses, while Hong Kong’s Hang Seng remained flat.
Wall Street ended mixed overnight, and global oil prices also eased, with Brent crude at $86.50 per barrel and WTI at $80.64.
Also Read: Stock Market Today: Sensex Ends Up 776 Points, Nifty Snaps Five-Day Losing Streak
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