Markets Open Lower As Geopolitical Tensions Push Crude Oil Prices Higher
· Free Press Journal
Mumbai: Indian equity benchmarks opened sharply lower on Wednesday, September 2, as escalating tensions between the US and Iran pushed crude oil prices higher and triggered selling across sectors.
The BSE Sensex opened 472.96 points, or 0.61 per cent, lower at 76,471.32. The NSE Nifty 50 fell nearly 200 points, or 0.82 per cent, to begin trading at 23,858.
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Realty, IT and Auto Lead Decline
Selling pressure was broad-based, with realty, technology and automobile shares among the hardest hit.
The Nifty Realty index declined nearly 2 per cent, while Nifty IT dropped 1.82 per cent and Nifty Auto fell 1.78 per cent.
Sensex, Nifty Extend Decline For Second Straight Session, Banking, Auto And Realty Stocks Weigh On MarketsFinancial services, cement, media, FMCG and metal indices also traded in negative territory.
Crude Oil Emerges as Key Risk
Crude oil prices surged more than $4 per barrel on Tuesday to reach a five-week high as US-Iran tensions raised concerns about potential supply disruptions.
While India’s domestic economic activity and earnings outlook remain supportive, elevated crude prices have emerged as a key near-term risk for markets.
Stock Market Opens Cautiously, Sensex And Nifty Slip As Crude Oil, US-Iran Tensions WeighIndia’s current account position and foreign exchange reserves could provide some cushion against higher oil costs. However, rising US bond yields remain another concern for global equities.
Asian markets also traded lower amid a broader global bond-market sell-off.
Nifty Support at 23,800
Technically, Nifty remains vulnerable after repeatedly failing to reclaim the 24,000-24,060 zone.
A decisive break lower could drag the index towards 23,800, followed by 23,575.
On the upside, the 24,150-24,215 zone remains an important resistance area. A sustained move above this range could indicate renewed strength.