Indian equity benchmark indices opened lower in volatile Tuesday morning trade as persistent selling pressure in major information technology stocks and elevated international crude oil benchmarks dampened investor appetite. The 30-share BSE Sensex declined 281.95 points, or 0.38 percent, to trade at 73,316.21 in opening deals, while the broader NSE Nifty index shed 63.15 points, slipping to 22,694.60.
Market analysts attributed the morning weakness to renewed global macroeconomic concerns following spikes in international Brent crude futures, which hovered near multi-month highs and raised fears of imported inflationary pressure for emerging market economies. Domestic IT majors faced noticeable profit booking following cautious corporate revenue projections, while institutional foreign investors continued their selective capital outflows from equity segments. Defensive sectors including pharmaceuticals and fast-moving consumer goods offered modest support, preventing sharper declines across broader index components throughout the morning session.
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Sources:
https://www.thehindu.com/business/markets/stock-markets-fall-in-early-trade-on-tuesday-amid-elevated-crude-oil-prices-and-it-selling/article71629855.ece