Indian stock markets opened lower on Wednesday, reflecting weak global cues from the US and Asian markets due to rising bond yields and geopolitical tensions in West Asia. Sensex started at 74,806.49, down 394.36 points or 0.52%, while Nifty began at 23,457.25, slipping 160.75 points or 0.68%. As the morning progressed, the 30-share index dropped by 671 points or 0.89% to reach an intraday low of 74,529, and the Nifty fell by 220 points or 0.93% to 23,397.
Sectoral indices showed a predominantly negative trend, with realty and media sectors being the top losers. Nifty Media declined by 1.90%, while Nifty Realty fell by 1.63%. Additionally, Nifty Chemicals slipped by 1.53%, and auto stocks, particularly Nifty Auto, remained under pressure, down by 1.42%. Among banking counters, Nifty PSU Bank fell by 1.15%, Nifty FMCG declined by 1.04%, and Nifty Cement slipped by 1.02%.
In terms of individual stocks, Tata Steel, Bharat Electronics Limited, Mahindra & Mahindra, Eicher Motors, Maruti Suzuki India, JSW Steel, Grasim Industries, ICICI Bank, and Hindustan Unilever were among the top losers from the Nifty pack. The volatility tracker India VIX rose by more than 3% to around 19, indicating increased market volatility.
Market experts noted that the overall sentiment remained cautious as momentum indicators continued to show bearish signals, with the index trading below all key moving averages. Technically, Nifty formed a small bearish candle with an upper wick on the daily chart, suggesting hesitation and selling pressure at higher levels amid ongoing consolidation. The index stayed below the 38.2% Fibonacci retracement level of both the April rally and the broader February-to-April correction, indicating a persistent bearish bias.
On the commodities front, international benchmark Brent crude dropped by 0.77% to $110.42 per barrel, while US West Texas Intermediate (WTI) crude traded about 1% lower at $103.12 per barrel. In Asian markets, major indices such as the Nikkei, Hang Seng, and KOSPI were trading lower by 1.5%, 0.6%, and over 2%, respectively. Overnight in the US, Wall Street closed lower, with the S&P 500 declining by 0.67% and the Nasdaq finishing 0.87% lower.
