Mumbai— Indian equity benchmarks opened lower on Tuesday, dragged down by heavyweight losses in Infosys, Eternal (Zomato), and Kotak Mahindra Bank.
At 9:25 a.m., the BSE Sensex was down 444 points, or 0.54%, at 81,985, while the NSE Nifty dropped 105 points, or 0.42%, to 24,817.
Analysts said Nifty may find immediate support at 24,800, with further support at 24,700 and 24,500. On the upside, resistance is likely at 25,000, followed by 25,100 and 25,200.
Among the Sensex constituents, top gainers included Sun Pharma, IndusInd Bank, Tech Mahindra, Bajaj Finance, Maruti Suzuki, Titan, Hindustan Unilever, and Axis Bank. Major laggards were Infosys, Eternal (Zomato), Tata Steel, HCL Tech, Power Grid, UltraTech Cement, Asian Paints, ITC, NTPC, and HDFC Bank.
Sectorally, auto, IT, financial services, FMCG, metals, realty, and media led the decline. Gains were seen in PSU banks, pharma, realty, and PSE stocks.
Midcap and smallcap stocks showed resilience, with marginal buying interest. The Nifty Midcap 100 index rose 20 points to 55,437, and the Nifty Smallcap 100 index climbed 38 points to 16,805.
“Following Monday’s sharp rally, we expect the benchmark indices to consolidate recent gains. However, we anticipate continued buying interest in mid-cap and small-cap stocks at lower levels,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.
Asian markets mostly traded higher, with Tokyo, Bangkok, Seoul, and Shanghai posting gains. Hong Kong, however, opened in the red.
U.S. markets closed sharply higher after signs of easing tensions in the U.S.-China trade war. The Dow Jones Industrial Average rose 2.81%, while the tech-heavy Nasdaq surged 4.35% in the previous session.
Foreign institutional investors (FIIs) bought equities worth Rs 1,246 crore on May 13, while domestic institutional investors (DIIs) purchased shares worth Rs 1,488 crore.
“Given current market dynamics, traders should maintain a disciplined approach with strict risk management,” advised Hardik Matalia, Derivatives Analyst at Choice Broking. “With global uncertainties still present, it’s wise to avoid large overnight positions and enforce tight risk controls.” (Source: IANS)
