Sensex Opens 122 Points Down And Nifty Slips Below 22,750, IT Sector Faces Selling Pressure Amid Rising Oil Concerns

Mumbai: Indian stock markets traded lower on Tuesday, with investor sentiment impacted by mixed global cues, high oil prices, and ongoing tensions in West Asia. The BSE Sensex dropped 122.37 points or 0.17%, starting at 73,484.38, while the NSE Nifty 50 fell 44.40 points or 0.20%, opening at 22,708.80. IT stocks led the decline, with Nifty IT plunging over 1%, and Nifty Cement and Nifty Oil & Gas each falling 0.98% and 0.53%, respectively.

Major IT companies such as Infosys, Asian Paints, TCS, JSW Steel, and HCL Technologies experienced significant losses, with some falling up to 2.78%. Defensive sectors, however, drew buying interest, with Nifty PSU Bank up 0.68%, and Nifty Pharma and Nifty Healthcare advancing 0.44% and 0.39%, respectively. Analysts pointed to crude oil prices above $114 per barrel and US 10-year Treasury yields nearing 4.97% as major challenges.

Despite these obstacles, positive corporate earnings and sustained domestic institutional investments may provide support to Indian equities. Technical analysis suggests 22,630 as an important support level for the Nifty; breaking below this level could open the door to a further decline to 22,250–22,000. The Nifty opened below 22,600, marking a 134-point drop.

Foreign institutional investors (FIIs) sold equities worth ₹1,462 crore on Monday, while domestic institutional investors (DIIs) bought shares worth ₹2,609 crore, extending their buying streak to ten consecutive sessions. US markets closed higher overnight, with the S&P 500 up 0.7% and Nasdaq advancing 0.82%. Asian markets traded mixed.