Indian equity benchmark indices, the Sensex and Nifty, opened lower amid a renewed rise in crude oil as the USโIran ceasefire expired, and prospects for reopening the Strait of Hormuz weakened. While the 30-share BSE Sensex dropped 309.19 points or 0.39 per cent to start the session at 77,418.97, the Nifty dropped 63.8 points to open at 24,223.85. In the last trading session, the Sensex closed at 77,728.16 and the Nifty 50 at 24,287.65. However, the broader indices traded mixed in the early trading session. While the BSE Midcap Select Index fell 10.28 points, the BSE Smallcap Select Index gained 24.22 points or 0.27 per cent, to trade in the green at 9,146.19.
From the Sensex pack, Eternal, Sun Pharma, Power Grid, NTPC and Bajaj Finance were the gainers, with Eternal leading the pack by gaining 0.63 per cent in the early trade. On the other hand, Asian Paints, Infosys, Indigo, HCL Tech and Bharti Airtel were among the losers, with Asian Paints falling 1.55 per cent.ย ย
In early trade, market breadth was positive, with 1,461 stocks advancing against 1,165 stocks declining on the NSE. 131 stocks remained unchanged.ย
“The near-term outlook remains cautious to negative, as higher crude prices and renewed uncertainty around U.S.โIran negotiations are likely to weigh on risk appetite. With Brent crude moving above $91 and disruptions around the Strait of Hormuz raising supply concerns, Indian equities may remain under pressure. However, strong domestic institutional buying could provide some downside cushion, keeping the session volatile and stock-specific,” said Hitesh Tailor, Technical Research Analyst at Choice Broking Private Limited.
Asian Markets Today
Asian stocks declined on Tuesday as rising crude oil prices and inflation worries dampened some markets.ย US stocks also edged further from their record highs.