Indian equity markets opened with marginal losses on Tuesday as investors remained watchful of developments in the Middle East.
The Sensex declined 58.89 points, or 0.08 per cent, to 77,649.63, while the Nifty dropped 22.45 points, or 0.09 per cent, to 24,216.05 in early trade.
Technology, cement and metal shares outperformed the broader market during the opening session.
The Nifty IT index climbed 0.46 per cent, while the Nifty Cement and Nifty Metal indices rose 0.51 per cent and 0.33 per cent, respectively. Auto and FMCG stocks also posted modest gains.
Consumer durables witnessed selling pressure, slipping 0.22 per cent. Financial services, pharmaceutical and media counters also traded in the red.
HDFC Bank, Eternal, Maruti Suzuki, Sun Pharma and Dr Reddy’s Laboratories featured among the biggest early decliners.
Market experts said the muted start followed weaker GIFT Nifty indications as geopolitical uncertainty continued to influence investor confidence. They added that quarterly earnings announcements are likely to dictate stock-specific movements, while sustained buying around support levels could help the broader market maintain a stable trend.
Technical analysts placed immediate resistance for the Nifty between 24,300 and 24,400, while identifying 24,100 as an important support level.
A breakout above the resistance range could encourage fresh buying. A drop below support may increase selling pressure and push the index closer to 24,000.
Crude oil prices moved lower after reports indicated renewed diplomatic engagement between the United States and Iran. Regional tensions, however, continued to create uncertainty.
Brent crude traded below $90 per barrel after falling 0.87 per cent, while US West Texas Intermediate (WTI) crude eased 0.67 per cent to $81.92 per barrel.
Across Asia, Japan’s Nikkei and South Korea’s Kospi recorded strong gains, while Hong Kong’s Hang Seng slipped into negative territory.
US markets ended the previous session lower, with the S&P 500 and Nasdaq Composite both closing slightly in the red.
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