The Indian stock market opened lower on Tuesday as investors responded to subdued international cues, rising crude prices and continued geopolitical uncertainty.
The Sensex slipped to 76,835 in early trading, losing 121 points or 0.15 per cent compared with its previous close. The Nifty declined, trading at 24,027.80 after falling 52.60 points or 0.21 per cent.
The Nifty FMCG index advanced 0.76 per cent, while the Nifty Metal index gained 0.63 per cent. Nifty Media index increased 0.61 per cent, and the Nifty Auto index rose 0.28 per cent.
The Nifty IT index edged up by 0.24 per cent, providing some support to the broader market.
Realty stocks recorded the steepest decline among the major sectors, with the Nifty Realty index dropping 1.67 per cent.
The Nifty MidSmall Financial Services index fell 1.40 per cent, while the Healthcare and Pharma indices declined 1.34 per cent and 1.32 per cent, respectively. Private banking stocks remained under pressure.
Analysts said India’s solid economic fundamentals could help the domestic market absorb some of the pressure arising from global developments.
India recorded 7.8 per cent GDP growth in the first quarter. This strengthened expectations of around 7 per cent economic growth during FY27.
The services sector grew 10 per cent, while the secondary sector registered 8.5 per cent growth.
Rising crude prices and elevated US Treasury yields, however, remain significant concerns for investors.
The US 10-year Treasury yield stood at 4.77 per cent, while the 30-year yield reached 5.24 per cent, increasing the appeal of relatively safer US assets.
Foreign institutional investors remained sellers, offloading equities worth ₹13,025 crore in the cash market during the previous two sessions.
Market experts expect the Nifty to trade between 23,000 and 25,000 in the short term as strong domestic fundamentals provide support amid international volatility.
Analysts said the index must move back above the 24,150-24,215 zone to strengthen the market outlook.
A sustained break below 24,000-24,060 could push the Nifty towards 23,575.
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