Mumbai, May 20: Indian equity benchmarks started Wednesday’s session on a negative note, tracking weakness across global markets amid rising geopolitical concerns in West Asia and pressure from higher bond yields worldwide.
The BSE Sensex opened at 74,806.49, down 394 points or 0.52 per cent, while the NSE Nifty50 began trading at 23,457.25, lower by 160 points or 0.68 per cent.
Selling pressure intensified during early trade, dragging the Sensex down nearly 671 points to an intraday low of 74,529. The Nifty also slipped close to 220 points, touching around 23,397.
Most sectoral indices remained under pressure. Realty and media stocks recorded the sharpest declines, with the Nifty Media index falling nearly 1.9 per cent and Nifty Realty dropping over 1.6 per cent. Weakness was also visible in chemicals, automobiles, FMCG, cement, and PSU banking shares.
Among major laggards on the Nifty were Tata Steel, Bharat Electronics Ltd (BEL), Mahindra & Mahindra, Eicher Motors, Maruti Suzuki India, JSW Steel, Grasim Industries, ICICI Bank, and Hindustan Unilever.
Market volatility also edged higher, with India VIX rising more than 3 per cent to hover near the 19 mark, reflecting cautious investor sentiment.
Analysts said the broader market mood remains fragile as technical indicators continue to point toward weakness. According to experts, the Nifty is trading below key moving averages and important Fibonacci retracement levels, indicating sustained bearish undertones.
They added that the index formed a small bearish candle on the daily chart with an upper wick, suggesting resistance at higher levels and continued consolidation in the market.
In the commodities market, Brent crude prices eased around 0.77 per cent to $110.42 per barrel, while US WTI crude declined nearly 1 per cent to trade near $103.12 per barrel.
Asian markets also extended losses for a fourth straight session. Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s KOSPI were all trading in negative territory during the session.
Meanwhile, US markets closed lower overnight, with the S&P 500 falling 0.67 per cent and the Nasdaq ending down 0.87 per cent, adding to weak global sentiment.