Indian benchmark equity indices opened on a subdued note on Tuesday, with the Sensex and Nifty trading marginally lower amid cautious global market sentiment.
The BSE Sensex opened at 76,953.63, down 140.44 points, or 0.18 per cent, while the NSE Nifty 50 slipped 34.05 points, or 0.14 per cent, to 24,068.85 in early trade.
Despite the weak start, analysts said the broader domestic market outlook remained supported by favourable macroeconomic factors.
“Improved global sentiment following easing US-Iran tensions, softer crude oil prices, and continued resilience in domestic markets helped sustain the positive momentum. However, weakness in US technology stocks capped optimism, with the Nasdaq underperforming amid profit-taking in large-cap technology names,” said Rajesh Palviya, Head of Research at Axis Direct.
On Wall Street, the Nasdaq fell 351.33 points, or 1.32 per cent, to close at 26,166.60. The S&P 500 declined 0.37 per cent, while Dow Jones futures were down 0.11 per cent.
Asian markets traded mixed on Tuesday, reflecting cautious investor sentiment. The Nikkei 225 declined 1,088.96 points, or 1.51 per cent, while the KOSPI also traded lower. The Hang Seng Index slipped 1.20 per cent, and the GIFT Nifty was down 0.14 per cent at 24,067. In contrast, Singapore’s Straits Times Index gained 0.23 per cent.
Palviya noted that Brent crude prices remaining below the USD 80 per barrel mark continued to support India’s macroeconomic outlook by easing inflationary pressures.
In the commodities market, Brent crude traded at USD 77.67 per barrel, down 0.29 per cent, while WTI crude edged lower by 0.13 per cent to USD 73.77. Gold prices also declined 1.32 per cent to USD 4,136.48.
On the technical front, Palviya said the Nifty has reclaimed the crucial 24,100 level, with the near-term bias remaining positive as long as the index sustains above the 24,000 support zone.
“The immediate hurdle is placed in the 24,150-24,200 range, and a decisive breakout above this zone could trigger fresh short covering and pave the way towards 24,400,” he said.
He added that a breach below the 24,000 mark could weaken momentum and drag the index towards the 23,900-23,800 range. “The strategy remains to buy on dips while the Nifty holds above 24,000,” he said.
(With inputs from ANI)
