Mumbai: Indian stock markets opened slightly lower on Wednesday, September 30, as mixed global signals and continued foreign investor selling kept sentiment cautious. Select sectors advanced despite weakness in the Sensex and Nifty.
The Nifty opened at 22,665, down around 50 points, or 0.23 per cent. The Sensex started at 72,441.15, slipping 87.92 points, or 0.12 per cent.
Sectoral Performance Remains Mixed
The Nifty MidSmall IT & Telecom index led early gains, rising more than 1 per cent. PSU banks, chemicals, oil and gas, cement and media indices also climbed by up to 1 per cent.
Metal stocks faced selling pressure, with Nifty Metal declining 0.42 per cent. Healthcare and pharmaceutical indices traded marginally lower, reflecting an uneven start across sectors.
FII Selling Weighs On Sentiment
Foreign institutional investors extended their selling streak to four consecutive sessions on Tuesday. Provisional figures showed equity sales of nearly Rs 10,000 crore.
Domestic institutional investors helped cushion the pressure, purchasing shares worth almost Rs 7,000 crore.
Market experts linked persistent foreign outflows to elevated US bond yields. However, they said the recent stock market correction had made some largecap companies with growth prospects more attractively valued.
Nifty Technical Outlook In Focus
Technical analysts pointed to a hammer candle in the previous session, signalling buying interest at lower levels. Gains in select heavyweight stocks had also helped contain losses.
Following a rebound from 22,600, analysts described the near-term market structure as sideways to mildly bullish. They cited support at 22,650–22,700 and resistance at 22,950–23,000.
Crude Oil And Global Cues Matter
Experts said a fall in crude oil prices could support a recovery, potentially led by largecap market leaders.
Asian markets were broadly positive in early trading despite a mildly weaker Wall Street session. Investors continued to track upcoming US economic data, global bond yields and foreign fund flows for direction.
These factors remained central to sentiment as benchmarks attempted to stabilise after recent declines.
