The Indian stock market opened lower on Tuesday as investor sentiment remained weak after the sharp sell-off in the previous session. The BSE Sensex started the day down by around 500 points, while the NSE Nifty slipped below the 26,000 mark in early trade.
Markets opened on a cautious note and remained volatile in the first hour. Mid-cap and small-cap stocks also came under pressure, showing that investors were in a risk-off mood. Global uncertainty, weak cues from overseas markets and concerns over interest rate decisions in the US added to the nervousness.
A few stocks managed to move higher despite the weak market. IT and FMCG stocks showed resilience as investors shifted money to defensive sectors. Shares of TCS, Infosys, HUL and Nestlé India were among the early gainers. Select pharma stocks also saw buying interest.
Heavy selling was seen in banking, metal and infrastructure stocks. HDFC Bank, ICICI Bank, State Bank of India, Tata Steel and JSW Steel were among the major losers in early trade. Realty and PSU stocks were also under pressure.
Most sectoral indices were trading in the red, with banks, metals, realty and auto stocks leading the losses. IT stocks were the only sector showing relative strength.
Market experts said today’s weak opening reflects ongoing global worries and foreign investor selling. A weak rupee and rising bond yields internationally also kept investors cautious.
Analysts advised investors to stay calm during this volatile phase and avoid panic buying or selling. They said market movements in the near term will depend largely on global developments and foreign investment flows.
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