Indian equity markets opened on a flat note on Tuesday as investors remained cautious amid ongoing geopolitical tensions in the Middle East, despite a decline in crude oil prices.
Sensex opened 58.89 points or 0.08 per cent lower at 77,649.63, while Nifty fell 22.45 points or 0.09 per cent to 24,216.05.
Sectorally, IT, cement and metal stocks bucked the weak broader trend. Nifty IT rose 0.46 per cent, while Nifty Cement and Nifty Metal indices gained 0.51 per cent and 0.33 per cent, respectively. Auto and FMCG stocks also traded marginally higher.
On the other hand, consumer durables declined 0.22 per cent, while financial services, pharma and media stocks also remained under pressure.
Among the Nifty constituents, HDFC Bank, Eternal, Maruti Suzuki, Sun Pharma and Dr Reddy’s Laboratories were the top losers in early trade.
According to market experts, the opening was in line with subdued GIFT Nifty trends, as concerns over geopolitical developments and their potential impact on global energy markets continued to weigh on investor sentiment.
While stock-specific action is expected to be driven by the ongoing first-quarter earnings season, Nifty is likely to trade with a cautiously constructive bias as buying interest near key support levels continues to underpin the broader recovery trend, they said.
From a technical perspective, the 24,300-24,400 zone remains the immediate resistance, while 24,100 is the key support. Analysts said a sustained move above the resistance band could strengthen bullish momentum, whereas a break below the support level may trigger fresh selling pressure and drag the index towards the 24,000 mark.
Meanwhile, international oil prices traded lower amid reports of US-mediated diplomatic efforts with Iran, even as fresh exchanges of attacks between the two countries kept investors on edge.
Brent crude slipped 0.87 per cent to trade below the $90-a-barrel mark, while US West Texas Intermediate (WTI) crude declined 0.67 per cent to $81.92 a barrel.
Asian markets traded mixed. Japan’s Nikkei and South Korea’s Kospi gained around 2 per cent and 4 per cent, respectively, while Hong Kong’s Hang Seng edged lower.
Overnight, Wall Street ended lower, with the S&P 500 declining 0.19 per cent and the Nasdaq Composite slipping 0.05 per cent.
(IANS Inputs)
