Indian Markets Open Lower on Weak Global Cues

Early trade on Wednesday saw equity benchmark indices facing downward pressure, influenced by negative cues from the US markets and selling pressure in IT stocks. The 30-share BSE Sensex continued its downward trajectory from the previous session, shedding 229.04 points to reach 73,448.09. Similarly, the Nifty experienced a decline of 63.15 points, slipping to 22,293.15.

Leading the decline among Sensex constituents were Power Grid, Tata Steel, Wipro, Tech Mahindra, NTPC, State Bank of India, and Bajaj Finserv. Conversely, Kotak Mahindra Bank, ICICI Bank, Axis Bank, Nestle, and Sun Pharma were among the notable gainers. In Asian markets, Seoul and Tokyo recorded losses, while Shanghai and Hong Kong registered gains.

The US markets ended lower on Tuesday. Global oil benchmark Brent crude climbed 0.13 per cent to USD 82.15 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 574.28 crore on Tuesday, according to exchange data.

Taking a breather after a record-breaking rally, the BSE benchmark declined 195.16 points or 0.26 per cent to settle at 73,677.13 on Tuesday. The Nifty dipped 49.30 points or 0.22 per cent to 22,356.30.