Indian equity markets opened slightly lower on Tuesday as concerns over rising tensions in the Middle East and elevated crude oil prices kept investor sentiment cautious.
However, buying in information technology stocks helped restrict losses, while HDFC Bank continued to weigh on benchmark indices.
The BSE Sensex declined 59 points to open at 77,649, while the NSE Nifty50 slipped 22 points to 24,216.
Crude oil prices remained a key factor influencing market movements. Brent crude was trading at $88.63 per barrel, down 0.66%, while US West Texas Intermediate (WTI) crude declined 0.27% to $82.26 per barrel.
According to experts, though Brent crude has eased from recent highs, uncertainty surrounding geopolitical developments continues to pose an upside risk to oil prices, which could weigh on equities.
HDFC Bank, the largest-weighted stock in the benchmark indices, extended its decline for the second consecutive session, falling 1.11% after losing more than 5% on Monday.
The private sector lender remained under pressure following reports that it may undergo an additional review by independent directors before recommending CEO Sashidhar Jagdishan’s reappointment to the Reserve Bank of India.
Apart from HDFC Bank, losses in heavyweight stocks such as Reliance Industries, Maruti Suzuki, Sun Pharma and Eternal added pressure on the indices.
However, technology stocks provided support to the market. The Nifty IT index gained 0.45%, led by Tech Mahindra, which rose 1.55%. Infosys and HCLTech also traded higher, helping offset weakness in other sectors.
Among Sensex constituents, Tech Mahindra emerged as the top gainer, followed by UltraTech Cement, IndiGo, ICICI Bank, Tata Steel, Bajaj Finserv, Asian Paints and Infosys.
The broader market showed stronger performance compared with benchmark indices.
The Nifty Smallcap 100, Midcap 50 and Midcap 100 indices traded in positive territory, while the Nifty 500 also gained marginally. India VIX, the volatility index, eased 0.44% to 12.92.
Sector-wise, PSU banks, chemicals, IT and metals were among the leading gainers, while pharma, healthcare, consumer durables and auto stocks faced pressure.
