Domestic equity markets opened lower for the second consecutive session on Tuesday amid weak global cues, investor caution and continued selling pressure in information technology stocks.
The BSE Sensex opened 326.89 points, or 0.43%, lower at 75,688.39, while the Nifty 50 declined 93.25 points, or 0.39%, to open at 23,722.60.
The market had also recorded sharp losses in the previous session. On Monday, the Sensex fell more than 1,312 points, while the Nifty declined nearly 360 points.
Information technology stocks remained under pressure in early trade as investors continued selling in the technology sector. Infosys declined 2.54%, Tech Mahindra fell 2.34%, Tata Consultancy Services dropped 1.87%, and HCLTech was down 1.65%.
According to analysts, weakness in the US technology sector and global economic uncertainty are impacting Indian IT companies.
Market breadth remained weak during Tuesday’s opening trade. Of the 30 Sensex constituents, only six stocks opened in positive territory, while 24 declined. In the Nifty 50 index, 13 stocks opened higher, 36 traded lower, and one stock remained unchanged, indicating broad-based selling pressure in the market.
Despite the weak broader market trend, selective buying was seen in a few stocks during early trade. Tata Steel rose 0.40%, State Bank of India gained 0.26%, Reliance Industries advanced 0.21%, Bharti Airtel added 0.07%, while Sun Pharmaceutical Industries and NTPC each edged up 0.03%.
Limited buying interest was seen in metal and select defensive sectors, which helped restrict further downside in the market.
Apart from IT stocks, banking and financial shares also traded lower. HDFC Bank declined 0.82%, ICICI Bank fell 0.64%, Kotak Mahindra Bank slipped 0.20%, Bajaj Finance dropped 0.71%, and Bajaj Finserv was down 0.75%.
Experts said investors are currently avoiding risk exposure, while the impact of global market signals remains visible on domestic equities.
