Sensex, Nifty Open Lower as IT Stocks Drag Markets, Metals Gain
- Sensex, Nifty trade lower as IT stocks decline in early trade
- Metal stocks advance, but broader gains remain capped
- Geopolitical risks and Q3 earnings to guide near-term market sentiment
Indian benchmark equity indices opened on a subdued note on Monday, weighed down by weakness in information technology stocks amid cautious global cues. While metal stocks provided some support, losses in IT counters capped overall market gains in early trade.
At around 9:23 am, the S&P BSE Sensex was down 68.48 points, or 0.08 per cent, at 85,693.53, while the NSE Nifty50 slipped 15.35 points, or 0.06 per cent, to trade at 26,313.20.
Market participants remained selective as investors assessed sectoral trends and evolving geopolitical developments. IT stocks witnessed selling pressure, tracking uncertainty around global growth and technology spending, whereas metal stocks edged higher on expectations of stable demand and firm commodity prices.
Commenting on the market outlook, Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said that one positive for India emerging from the Venezuelan crisis is its medium- to long-term bearish impact on crude oil prices. Lower crude prices, he noted, are supportive of India’s macroeconomic stability.
He added that domestic markets are likely to remain resilient in the near term, supported by strong momentum as indices hover near all-time highs. “The Bank Nifty continues to remain strong, backed by impressive credit growth. The Q3 earnings season for banking and financial services is expected to be healthy”, Vijayakumar said.
However, he cautioned that rising geopolitical uncertainties could influence market sentiment. Ongoing global tensions including developments in Venezuela, the prolonged Russia-Ukraine conflict, unrest in Iran, and potential escalation around Taiwan add layers of unpredictability that investors will closely monitor in the coming weeks.
