Markets Open Lower, Renewed Geopolitical Tensions And Rising Crude Oil Prices Weigh On Sentiment
· Free Press Journal
Mumbai: Indian equity benchmarks opened lower on Monday as weak Asian markets, rising crude oil prices and renewed geopolitical tensions in the Middle East kept investors cautious.
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The Sensex opened 133.78 points, or 0.17 per cent, lower at 77,130.73, while the Nifty declined 58.10 points, or 0.24 per cent, to 24,117.55.
Metal, IT Stocks Lead Decline
Selling was visible across most sectors. Nifty Metal emerged as the biggest laggard, falling 1.70 per cent, while Nifty IT declined 1.32 per cent.
Sensex, Nifty Outlook Remains Cautious, 78,000 And 24,400 Key Hurdles For BullsMedia and PSU Bank indices slipped up to 1 per cent. Realty, cement, chemicals and FMCG stocks also remained under pressure. Nifty Private Bank bucked the trend, edging 0.06 per cent higher.
Crude Above $90 Adds Pressure
Renewed US-Iran tensions pushed international oil prices sharply higher, adding to concerns for crude-importing India.
Brent crude climbed more than 2 per cent to $90.67 a barrel, while WTI crude advanced 2.06 per cent to $85.09.
Market Rollercoaster: Sensex, Nifty End Turbulent Week Lower Despite Friday ReboundInvestors were also assessing US Federal Reserve Chair Kevin Warsh's hawkish comments, which raised expectations of a possible rate increase at the September 15-16 FOMC meeting.
Asian Markets Remain Weak
Negative global cues added to domestic pressure. Japan's Nikkei declined more than 1 per cent, South Korea's KOSPI fell over 1 per cent, while Hong Kong's Hang Seng dropped around 0.7 per cent.
HDFC Bank also remained in focus amid speculation over the successor to CEO Sasidhar Jagadishan.
Technically, 24,060 remains an important level for Nifty. A move above 24,215 could indicate renewed strength, while a sustained break below 24,060 could expose the index to further downside.