BT Opening Bell | Sensex falls 464 pts, Nifty below 23,100; HCL Tech, Infosys down 2%

Domestic benchmark indices Sensex and Nifty opened sharply lower on Thursday, tracking weak cues from global markets amid escalating tensions between the US and Iran, which pushed crude oil prices higher.

At 9:17 am, the BSE Sensex declined 401.37 points, or 0.54%, to 73,581.81, after falling as much as 464 points in early trade, while the NSE Nifty was down 138.85 points, or 0.60%, to 23,076.10, briefly touching a low of 23,072.05.

Among Sensex constituents, HCL Technologies declined 2.37% to Rs 1105.20. Infosys slipped 2.01%, while M&M, Eternal and Trent dropped 1.38%, 1.31% and 1.26%, respectively.

“The market appears to be at a crucial juncture, with repeated failure near higher levels indicating a lack of strong bullish conviction. Persistent foreign outflows and weak broader participation may continue to keep sentiment subdued in the near term,” said Hitesh Tailor, Research Analyst, Choice Equity Broking Private Ltd.

“However, domestic institutional support and stability around key support zones could help limit downside pressure. A decisive breakout or breakdown from the current range is likely to determine the market’s next directional trend," Tailor said.

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Broader Asian markets traded lower today. Japan’s Nikkei 225 declined 1.46% to 63,239.52, while South Korea’s Kospi slipped 1.34% to 7,627.01. Hong Kong’s Hang Seng slumped 1.40% to 24,065.56. 

Wall Street ended lower overnight, with all three major indices closing in the red. The S&P 500 plunged 1.62% to settle at 7,266.99, while the Dow Jones Industrial Average declined 1.87% to close at 49,918.78. The Nasdaq Composite slumped 1.98% to end at 25,169.50.

Previous session

In the previous session on Wednesday, the Sensex gained 64.42 points, or 0.09%, to settle at 73,983.18, while the Nifty edged down 27.15 points, or 0.12%, to close at 23,214.95.

“Traders should remain cautious and avoid aggressive positions at the open. A level-based approach remains advisable, with close attention on how the index behaves around the crucial 23,000 support zone,” said Gaurav Udani, Founder - Thincredblu Securities Pvt Ltd.