Mumbai, July 8: Indian benchmark equity indices opened in the red on Wednesday as investors turned cautious amid renewed geopolitical tensions in the Middle East and weak global market cues.
The Sensex slipped 364.27 points, or 0.46 per cent, to 77,816.45 at the opening, while the Nifty fell 139.15 points, or 0.57 per cent, to 24,259.55.
Selling pressure was visible across most sectors, with Oil & Gas stocks leading the decline. Media, PSU banks, realty, cement, metal, auto and FMCG stocks also traded lower. However, pharma and IT stocks bucked the broader market trend, registering modest gains.
Among the Nifty 50 companies, Shriram Finance, InterGlobe Aviation, Asian Paints, Bajaj Finance, Eicher Motors, Larsen & Toubro and JSW Steel were the biggest losers in early trade.
Market participants remained cautious after a sharp decline in US technology stocks and mixed trends across Asian markets. Investor sentiment was further affected by escalating tensions in the Middle East, which pushed global crude oil prices higher. Brent crude rose above $76 a barrel, while WTI crude climbed past $72.
Analysts said the Nifty is likely to face resistance around the 24,450 level, with immediate support at 24,200. A break below this level could open the door for a further decline towards the 24,000 mark.
Elsewhere in Asia, Japan’s Nikkei traded lower, Hong Kong’s Hang Seng posted strong gains of more than 2 per cent, while South Korea’s KOSPI remained under pressure.