Indian benchmark equity indices opened lower on Wednesday as rising Brent crude prices, geopolitical tensions between the United States and Iran, and concerns over a fresh US phased tariff plan on generic drugs weighed on investor sentiment.
In early trade, the BSE Sensex fell 371 points, or 0.48 per cent, to 77,097, while the NSE Nifty50 declined 106 points, or 0.44 per cent, to 24,081.
Broader markets also traded in negative territory, with the Nifty Midcap 100 slipping 0.16 per cent and the Nifty Smallcap 100 declining 0.33 per cent, broadly mirroring the weakness in benchmark indices.
Pharma stocks led the losses after reports of a phased US tariff plan on generic medicines pushed Nifty Pharma down 0.99 per cent, while Nifty PSU Bank declined 0.86 per cent.
Strong first-quarter earnings, healthy exports and positive management commentary lifted auto stocks.
Analysts said FCNR inflows above ₹20 billion will support the rupee and strengthen investor sentiment.
Analysts added that recent weakness in global chip stocks and corrections in markets such as South Korea have made Indian equities more attractive. They placed Nifty’s immediate support at 24,100, followed by 24,000, while identifying the 24,300-24,400 zone as the key resistance.
Most Asian markets traded higher on technology-led gains from Wall Street. Japan’s Nikkei, China’s Shanghai and Shenzhen, and South Korea’s Kospi advanced, while Hong Kong’s Hang Seng slipped.
On Tuesday, foreign institutional investors (FIIs) remained net buyers of Indian equities worth ₹1,650 crore, while domestic institutional investors (DIIs) sold shares worth ₹656 crore.
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