Indian equity benchmarks opened lower on Tuesday, with both the Sensex and Nifty trading in negative territory amid mixed global cues and selling pressure in information technology stocks. Investor sentiment remained cautious as markets came under pressure from the start of the session.
In early trade, the BSE Sensex declined by about 180 points, while the Nifty traded below the key 24,100 level. According to market participants, global economic uncertainties, a cautious approach by foreign investors and profit-booking in technology stocks weighed on domestic equities. Buying interest in select banking, pharmaceutical and infrastructure stocks, however, helped limit the decline.
During the session, the BSE Sensex fell around 181 points to trade near 76,900. The NSE Nifty was down about 48 points at 24,055. Market breadth remained mixed, with buying seen in several stocks, although weakness in major IT companies continued to exert pressure on the benchmark indices.
Analysts said investors are closely tracking global economic indicators, the potential direction of interest rates and upcoming corporate earnings data. As a result, caution has prevailed ahead of major investment decisions.
The information technology sector emerged as one of the weakest-performing segments during Tuesday’s trade. Shares of leading IT companies registered losses, increasing pressure across the sector.
The IT industry remains dependent on global demand, technology spending and overseas clients. Recent uncertainty surrounding the economic outlook in the United States and Europe has led investors to adopt a cautious stance, which has also affected Indian IT stocks.
Market experts said the sector could continue to face short-term pressure due to the possibility of lower global technology spending and cautious positioning by foreign institutional investors. They added that Indian IT companies continue to maintain a significant global presence over the longer term.
Despite the broader weakness, select stocks attracted buying interest. Shares from the infrastructure, banking and pharmaceutical sectors recorded gains during the session.
Adani Ports, ICICI Bank, Power Grid and NTPC traded higher. Investor interest also remained visible in the pharmaceutical sector, providing support to select drug makers.
According to market experts, investors are currently showing greater interest in defensive segments such as pharmaceuticals, utilities and energy companies, which are generally considered relatively stable during periods of market volatility.
Alongside IT stocks, select banking and fast-moving consumer goods (FMCG) stocks also witnessed weakness. Shares of major private-sector banks registered limited declines, while consumer goods companies were affected by selling pressure.
Although no broad-based weakness was visible across the banking sector, investor caution kept buying activity restrained. Similarly, investors in FMCG stocks appeared to be awaiting clearer market direction.
