Geopolitical jitters keep markets on edge, Sensex and Nifty trade flat in early deals
2 min read
Indian equity benchmarks were little changed in the opening trade on Thursday, as Brent crude trading above $101 a barrel, firmer US bond yields and rising geopolitical tensions kept investors cautious.
Key Takeaways
- Sensex slipped 21.32 points (0.03%) to 74,742.91 and Nifty fell 7.85 points (0.03%) to 23,423.65 amid Brent crude above $101.
- Nifty PSU Bank climbed over 1%, the strongest sectoral performer, while Oil & Gas rose 0.61%.
- Media, FMCG, private banking and IT stocks also traded higher despite the flat overall market.
- Nifty Auto was the weakest sector, down 0.66%, with healthcare, pharma and cement also under pressure.
The BSE Sensex slipped 21.32 points, or 0.03%, to 74,742.91, while the NSE Nifty 50 fell 7.85 points, or 0.03%, to 23,423.65.
Sensex opened 21.69 points lower at 74,742.54, while Nifty started slightly higher at 23,446.60.
PSU Banks, Oil & Gas Gain
Sectoral indices were mixed. Nifty PSU Bank climbed more than 1%, becoming the strongest sectoral index in early trade, while Nifty Oil & Gas advanced 0.61%.
Media, FMCG, private banking and IT stocks also traded higher.
Nifty Auto was the weakest sectoral index, down 0.66%. Healthcare, pharmaceuticals, consumer durables and cement stocks also faced selling pressure.
Mahindra & Mahindra dropped 1.3%, while Bajaj Auto, Asian Paints and Eicher Motors were among the other major Nifty laggards.
Brent Above $101 Raises Concerns
Market sentiment remained delicate as Brent crude moved above $101 per barrel, increasing worries about India’s import costs, inflation and corporate profitability.
The US 10-year Treasury yield also rose to 4.83%, adding to speculation about a possible US Federal Reserve rate hike this month.
Sustained crude prices above $100 could weigh on India’s economic growth and pressure energy-sensitive sectors such as aviation, paints, adhesives, tyres and chemicals.
Nifty Levels to Watch
Nifty’s fall below 23,500 has weakened the near-term technical structure.
The 23,260-23,000 region is viewed as the next major support area, while 23,520 has emerged as an important upside level.
FMCG, pharmaceuticals and healthcare could remain relatively resilient if volatility persists, while geopolitical developments and crude oil prices are likely to guide the market’s near-term direction.
