Indian equity markets opened lower for the second consecutive session on Wednesday amid softness in global markets, a sharp rise in crude oil prices, and escalating geopolitical tensions in West Asia, reflecting pressure on investor sentiment.
The BSE Sensex opened 394.36 points, or 0.52%, lower at 74,806.49, while the Nifty 50 declined 160.75 points, or 0.68%, to open at 23,457.25.
Market participants attributed the subdued sentiment to rising crude oil prices, caution among foreign investors, and global uncertainty. On Tuesday, benchmark indices had opened in positive territory but selling pressure intensified by the close, leading both indices to end lower.
Weakness in the broader market was evident in opening trade, with only one stock among the 30 Sensex constituents opening in positive territory. Similarly, only one stock among the Nifty 50 constituents traded in the green.
Shares of Tata Consultancy Services rose marginally by 0.14% at the open, while nearly all other major stocks registered declines.
Several blue-chip stocks witnessed sharp declines in early trade. Bharat Electronics Limited fell 2.04%, Tata Steel declined 1.94%, Eternal dropped 1.78%, Maruti Suzuki India fell 1.55%, and Mahindra & Mahindra declined 1.49%.
Other major stocks, including Bajaj Finance, State Bank of India, ICICI Bank, Tech Mahindra, NTPC, and Reliance Industries, also traded in negative territory.
