Indian equity benchmark indices opened Tuesday’s trading session on a weak note, tracking negative cues from Asian markets.
Early selling pressure dragged both the Sensex and the Nifty lower in initial trade.
The Sensex opened nearly 200 points lower at around 85,025 and slipped further to trade about 300 points down in the early minutes.
The Nifty also came under pressure and was trading lower by 95 points, or 0.4 per cent, at around 25,935.
The index continues to trade within a consolidation range of 25,900–26,100, reflecting market indecision.
“Immediate resistance is placed at 26,150–26,200, with a decisive breakout potentially paving the way towards 26,300,” experts stated.
“On the downside, key supports are seen at 25,900 and 25,850 in the near term,” they added.
Eternal emerged as the biggest loser among the Sensex 30 stocks, falling nearly 3 per cent.
Axis Bank, HCL Technologies, Infosys and Titan were also among the major laggards in early trade.
In contrast, Bharti Airtel provided some support to the market, rising more than 1 per cent.
The weakness was not limited to frontline indices, as broader markets also witnessed selling pressure.
The BSE MidCap and SmallCap indices were both down around 0.4 per cent. On the sectoral front, metal and financial stocks were trading in the red during the morning session.
Asian markets were largely lower, mirroring an overnight decline on Wall Street. Investor sentiment remained cautious as funds continued to move away from US artificial intelligence-related stocks.
Japan’s Nikkei 225 fell 1.27 per cent, while South Korea’s Kospi extended its losses for the second straight session, slipping 0.75 per cent. Australia’s S&P/ASX 200, however, was trading largely flat.
Investor activity on Monday showed mixed trends. Foreign institutional investors sold shares worth Rs 1,427.57 crore, while domestic institutional investors stepped in as buyers, purchasing equities worth Rs 1,734.91 crore.
–IANS
