BT Opening Bell | Sensex falls 494 pts, Nifty below 24,450; HCLTech down 8%

Domestic benchmark indices Sensex and Nifty opened lower on Wednesday, tracking mixed global cues, as a lack of clarity around the US-Iran ceasefire kept investors cautious amid its extension.

At 9:16 am, the BSE Sensex declined 395.02 points, or 0.50%, to 78,878.31, after falling 494 points in early trade. The NSE Nifty slipped 98.95 points, or 0.40%, to 24,477.65, briefly touching a low of 24,434.40.

Among Sensex constituents, HCLTechnologies declined 8.15% to Rs 1324.10. Tech Mahindra dropped 3.89%, while Infosys, TCS and ICICI Bank slipped 2.61%, 1.67% and 0.98%, respectively.

“The extension of the US–Iran ceasefire by President Donald Trump, amid stalled negotiations, has offered only limited relief, as uncertainty around the durability of the truce continues to weigh on investor confidence,” said Ponmudi R, CEO of Enrich Money.

Broader Asian markets traded mixed today. Japan’s Nikkei 225 gained 0.51% to 59,653.56, while South Korea’s Kospi edged down 0.13% to 6,380.42, and Hong Kong’s Hang Seng dropped 1.42% to 26,111.74.

Wall Street ended lower overnight, with all three major indices closing in the red. The S&P 500 was down 0.63% to close at 7,064.01, while the Dow Jones Industrial Average slipped 0.59% to end at 49,149.38. The Nasdaq Composite declined 0.59% to settle at 24,259.96.

“From a technical perspective, the Nifty 50 has moved closer to the key resistance zone of 24,550-24,650, where some consolidation or profit booking may emerge. Immediate support is now placed near 24,300–24,200. A sustained move above this resistance band could trigger further upside, whereas failure to hold gains may lead to range-bound or corrective movement,” said Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Ltd.

In the previous session on Tuesday, the Sensex jumped 753.03 points, or 0.96%, to settle at 79,273.33, while the Nifty rose 211.75 points, or 0.87%, to close at 24,576.60.