Mumbai, May 12: Indian stock markets opened lower on Tuesday, extending losses for a second straight session as rising crude oil prices and ongoing geopolitical concerns dampened investor sentiment.
The benchmark BSE Sensex fell nearly 0.6 percent in early trade, dropping around 474 points to touch an intraday low of 75,541. Meanwhile, the Nifty 50 slipped about 0.5 percent to trade near 23,689.
Selling pressure was visible across several sectors, with IT, financial services, real estate, chemicals and cement stocks witnessing the sharpest declines. Major losers included Infosys, Tech Mahindra, TCS, HCLTech, Wipro, ICICI Bank, Bajaj Finance, Maruti Suzuki and Asian Paints.
On the other hand, metal, oil & gas and PSU banking stocks managed to stay in positive territory despite the broader market weakness.
Market analysts said investors remain cautious due to elevated global uncertainty and higher crude prices. However, some sectors are expected to remain comparatively stable despite the volatility.
Experts believe pharmaceutical companies could remain resilient because demand in the sector is relatively unaffected by economic slowdowns. FMCG stocks are also expected to hold steady, supported by consistent consumer demand.
Analysts further pointed to improving private capital expenditure trends, particularly in infrastructure-linked sectors. Capital goods companies may benefit if the recovery in private investment continues, especially with strong demand from automobiles and renewable energy industries.
In the commodities market, Brent crude climbed above $105 per barrel, while US WTI crude also recorded gains, adding to concerns over inflation and input costs.
Across Asia, market performance remained mixed. Japan’s Nikkei traded higher, Hong Kong’s Hang Seng posted modest gains, while South Korea’s KOSPI witnessed a sharp decline. US markets ended slightly positive overnight, with both the S&P 500 and Nasdaq closing in the green.
