Sensex Opens 322 Points Lower, Nifty Loses 0.65% Before Paring Losses On Back Of IT Stocks
· Free Press Journal
Indian equity markets opened lower on Tuesday but recovered most of their losses in early trade, even as uncertainty continued over the proposed peace agreement between the United States and Iran.
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The BSE Sensex opened 322 points, or 0.43 percent lower, at 73,945 points compared to its previous close of 74,267 points.
Similarly, the NSE Nifty opened 153 points, or 0.65 percent lower, at 23,229 points against Monday’s closing level of 23,382 points.
As trading progressed, both benchmark indices pared losses and traded largely flat with marginal declines.
Sensex Falls Over 500 Points, FMCG And PSU Bank Stocks Lead Broad Market DeclineInvestors Remain Cautious
Market sentiment remained cautious as investors awaited greater clarity on ongoing negotiations between the United States and Iran.
The lack of a breakthrough in peace talks kept traders on the sidelines, while continued selling by foreign portfolio investors (FPIs) added pressure on domestic equities.
Despite weakness in the benchmark indices, broader market participation remained healthy.
Around 1,610 stocks advanced on the National Stock Exchange, while nearly 1,428 stocks declined, indicating selective buying across sectors.
Information technology stocks emerged as the biggest gainers and helped the market recover from early losses.
Tata Consultancy Services (TCS) was the top performer among Nifty 50 stocks, rising nearly 6 percent.
Infosys gained more than 5.86 percent, while HCLTech, Tech Mahindra and Wipro advanced 5.11 percent, 2.8 percent and 1.2 percent, respectively.
Metals And Auto Stocks See Buying
Metal stocks also witnessed buying interest during the session.
Hindalco, Tata Steel and JSW Steel traded higher, while automobile companies such as Mahindra & Mahindra and Bajaj Auto remained among the notable gainers.
Some defensive sectors witnessed selling pressure.
Shares of Dr Reddy’s Laboratories, Cipla and Sun Pharma declined 1.7 percent, 1.7 percent and 1.2 percent, respectively.
Among auto stocks, Maruti Suzuki, Eicher Motors and Tata Motors Passenger Vehicles traded in negative territory.
Nifty IT emerged as the best-performing sector, gaining 4.48 percent.
Out of 21 sectoral indices, only five traded in positive territory. Nifty Pharma and Nifty Healthcare were among the biggest losers.
Investor sentiment was also impacted by elevated crude oil prices amid rising tensions in the Middle East.
