Domestic equity markets opened lower on the trading day amid escalating geopolitical tensions in West Asia and mixed global market cues. The BSE Sensex declined by nearly 500 points in early trade, while the Nifty 50 slipped below the 24,200 mark.
At around 9:30 a.m., the Sensex was trading 306.13 points, or 0.39%, lower at 77,538.39. The Nifty declined 83.90 points, or 0.34%, to 24,242.75.
Pressure was also visible in the foreign exchange market, with the Indian rupee opening 0.35% weaker at 94.58 against the US dollar, compared with its previous close of 94.25.
Most of the 30 Sensex constituents traded in negative territory during early trade, with auto and banking stocks witnessing the sharpest declines. Mahindra & Mahindra fell 1.35%, while Axis Bank, HDFC Bank, Reliance Industries, Kotak Mahindra Bank, Maruti Suzuki, Eternal and ICICI Bank also registered notable losses.
On the other hand, Asian Paints, Bharat Electronics, Tech Mahindra, Hindustan Unilever, Adani Ports, ITC, HCL Technologies, Infosys and Sun Pharma traded higher.
Broader markets showed a mixed trend. The Nifty Midcap index traded marginally lower, while the smallcap index posted slight gains. Among sectoral indices, private banks, PSU banks, banking and auto sectors remained under pressure, whereas buying interest was seen in IT and pharma stocks.
According to analysts, rising global uncertainty typically drives investors towards safer investment avenues, increasing selling pressure in emerging markets.
Market sentiment was largely impacted by rising tensions in West Asia. Reports of US action against certain locations in Iran heightened concerns among global investors.
