Sensex, Nifty open lower amid weak global cues, geopolitical tensions

MUMBAI: Indian stock markets opened lower on Wednesday, mirroring weak global cues from the US and Asian markets amid rising bond yields and geopolitical tensions in West Asia.

Sensex opened at 74,806.49, down 394.36 points or 0.52 per cent, while Nifty began the session at 23,457.25, slipping 160.75 points or 0.68 per cent.

Later in the morning trade, the 30-share index declined as much as 671 points or 0.89 per cent to hit an intraday low of 74,529. Similarly, the Nifty fell 220 points or 0.93 per cent to 23,397.

Sectoral indices were largely in the red, with realty and media emerging as the top laggards. Nifty Media declined 1.90 per cent, while Nifty Realty fell 1.63 per cent.

Meanwhile, Nifty Chemicals slipped 1.53 per cent, while auto stocks also remained under pressure, with Nifty Auto down 1.42 per cent.

Among banking counters, Nifty PSU Bank fell 1.15 per cent. Nifty FMCG declined 1.04 per cent, while Nifty Cement slipped 1.02 per cent.

From the Nifty pack, Tata Steel, Bharat Electronics Limited, Mahindra & Mahindra, Eicher Motors, Maruti Suzuki India, JSW Steel, Grasim Industries, ICICI Bank, and Hindustan Unilever were among the top losers.

The volatility tracker India VIX rose more than 3 per cent to around 19.

According to market experts, overall sentiment remained cautious as momentum indicators continued to flash bearish signals, while the index traded below all key moving averages.