Indian equity benchmark indices, the Sensex and Nifty, opened almost flat on Wednesday amid weak global cues as renewed strength in crude oil prices and a sharp rise in global bond yields continue to weigh on investor sentiment. While the 30-share BSE Sensex dropped 17.41 points per cent to start the session at 77,218.05, the Nifty opened with a fall of 2.85 points to 24,152.05. In the last trading session, the Sensex closed at 77,235.46 and the Nifty 50 at 24,154.90. Similarly, the broader indices traded in the red in the early trading session. While the BSE Midcap Select Index fell 21.08 points, the BSE Smallcap Select Index was down by 3.60 points or 0.04 per cent, to trade in the red at 9,140.63.
From the Sensex pack, HCL Tech, Infosys, Eternal, Sun Pharma and Tech Mahindra were the gainers, with HCL Tech leading the pack by gaining 1.22 per cent in the early trade. On the other hand, Bajaj Finserv, Bajaj Finance, Tata Steel, M&M and L&T were among the losers, with Bajaj Finserv falling over 1.15 per cent.
In early trade, market breadth was negative, with 1,406 stocks declining against 1,244 stocks advancing on the NSE. 142 stocks remained unchanged.
"The near-term outlook remains cautious with a recovery bias, as Gift Nifty’s uptick offers some relief after six consecutive sessions of decline. However, elevated crude prices, weak global cues and ongoing U.S.–Iran tensions may continue to cap upside. With institutional buying providing support, the session could see selective bargain hunting amid volatility, keeping the broader bias range-bound to mildly positive," said Hitesh Tailor, Technical Research Analyst at Choice Broking Private Limited.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
