Domestic equity markets opened lower for a second consecutive session on Wednesday, although early declines remained limited. The BSE Sensex opened 69.84 points, or 0.09%, lower at 75,939.86, while the Nifty 50 started trading down 33.35 points, or 0.14%, at 23,880.35.
Indian benchmark indices opened marginally lower amid mixed global cues and investor caution. Early market movement reflected the impact of global economic uncertainties, crude oil prices and foreign investor activity, according to analysts.
Market breadth remained mixed in early trade. Of the 30 Sensex constituents, 24 opened higher while six stocks declined. On the Nifty 50, 40 stocks traded in positive territory and 10 declined, indicating selective buying across sectors and companies even as banking and IT stocks remained under pressure.
Shares of HDFC Bank registered the steepest decline in early trade, opening around 1.91% lower. Market experts said profit-booking in the banking sector and investor caution regarding interest rates could be among the key factors behind the move. Shares of Infosys, Kotak Mahindra Bank and Reliance Industries also recorded marginal declines.
Shares of NTPC emerged as the top gainer in early trade, rising 0.78%. Stable investment sentiment and demand in the energy sector supported the stock. Tata Steel also advanced 0.69%, with gains in metal stocks reflecting the impact of firming global commodity prices.
Several other blue-chip stocks also traded higher at the opening, including ITC, Adani Ports and Special Economic Zone, Bajaj Finserv, Sun Pharmaceutical Industries, Tata Consultancy Services, Titan Company, Bharti Airtel and Mahindra & Mahindra.
While energy and metal stocks witnessed gains, pressure persisted in banking and IT stocks. HCL Technologies and Infosys were among IT stocks trading lower in early trade.
