Indian stock markets opened slightly lower as oil and gas stocks declined. |
Mumbai: Indian stock markets opened on a weak note on Tuesday. Both Sensex and Nifty posted mild losses in early trade. The fall was mainly due to selling pressure in oil and gas stocks. Investors remained cautious despite positive signals from company earnings.
At around 11:06 am, the Sensex was down by 232 points (0.27 percent) at 85,206. The Nifty 50 slipped 30 points (0.17 percent) to 26,219.
Broader Markets Also Under Pressure
The broader market moved almost in line with the benchmark indices. The Nifty Midcap 100 index fell 0.08 percent, while the Nifty Smallcap 100 slipped 0.02 percent. This shows that selling was spread across the market, not limited to large companies.
Oil, Gas and Global Worries
Oil and gas stocks were among the top losers. Concerns over possible additional tariffs by the United States added pressure on the market. These worries reduced investor confidence, even though strong corporate updates had raised hopes of better quarterly results.
Market experts said Nifty has support between 26,100–26,150, while resistance is seen at 26,400–26,450.
Global Markets Mixed
US markets closed higher overnight. Investors there ignored the Venezuela crisis and focused on falling crude oil prices. Analysts believe increased oil supply from Venezuela could help markets in the medium to long term. However, they warned that geopolitical risks remain and advised investors to keep some cash ready.
In Asia, markets were mixed. China, Japan, and Hong Kong traded higher, while South Korea’s Kospi fell sharply by nearly 4 percent.
Banking and Investment Activity
Banking stocks showed strength due to rising loan demand, although banks still face challenges in collecting deposits.
On January 5, Foreign Institutional Investors (FIIs) sold shares worth Rs 36 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 1,764 crore, supporting the market.
