Domestic equity benchmarks opened marginally lower on Monday as a busy initial public offering (IPO) calendar and tensions in the Middle East weighed on investor sentiment.
The Nifty 50 fell 14.55 points, or 0.06 per cent, to open at 23,883.15, while the Sensex declined 69.38 points, or 0.09 per cent, to 76,446.05.
Nifty Media led sectoral losses in early trade, falling 1.26 per cent, while Nifty IT dropped 1.15 per cent. Nifty Auto, Chemicals, Private Bank, FMCG and Cement traded lower.
The Nifty Oil & Gas rose 0.06 per cent, while Nifty Metal, PSU Bank and Realty gained up to 0.38 per cent.
Analysts said the market has remained under pressure for four weeks despite positive economic data and corporate earnings. They identified elevated crude prices and the IPO boom as key challenges.
Eleven mainboard IPOs will enter the market this week, with several large offerings expected later this month.
Analysts said the heavy IPO pipeline could absorb substantial liquidity and shift investor attention away from the secondary market.
Technically, experts identified 23,860 as an important downside marker and 23,960 as immediate resistance for the Nifty.
The 23,800 level remains a key support, and a break below it could push the index towards the low 23,000s, with 23,570 as an initial target.
Analysts said the 24,150–24,215 zone must be crossed to confirm renewed strength.
Crude oil prices rose on Monday as growing tensions between the US and Iran around the Strait of Hormuz raised concerns over possible supply disruptions.
Also Read: Stock Market Next Week: Crude Oil, Bond Yields And Fed Rate Outlook To Drive Volatility
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