Markets Open Lower As Crude Oil Prices Rise

Benchmark stock market indices opened cautiously on Tuesday, reflecting mixed signals across sectors as rising crude oil prices continued to weigh on investor sentiment. The BSE Sensex was trading at 77,294.03, down 9.60 points or 0.01%, around 9:41 am. Meanwhile, the NSE Nifty 50 stood at 24,127.90, up 35.20 points or 0.15%.

The Nifty opened at 24,049.90 and moved within a narrow range, reaching a high of 24,133.65 and a low of 23,999.25 during early trade. This suggests a range-bound session, with investors taking a cautious approach amid both global and domestic uncertainties.

Crude oil prices remained elevated, significantly influencing market sentiment. Brent crude was trading at $109.64 per barrel, up 1.30%, while WTI crude rose 1.35% to $97.67. Higher oil prices are closely monitored due to their potential impact on inflation levels and corporate profitability.

Among the Sensex stocks, Mahindra & Mahindra, Tata Steel, Kotak Mahindra Bank, Bharat Electronics Limited, and Adani Ports were early gainers. Other stocks like Larsen & Toubro, NTPC, Bajaj Finance, Maruti Suzuki, TCS, and Titan also garnered buying interest.

On the downside, IT and banking stocks faced selling pressure, with major laggards including HCLTech, Infosys, Axis Bank, and State Bank of India. FMCG giant Hindustan Unilever and aviation major IndiGo also traded lower, along with UltraTech Cement and Trent.

Sector-wise, the trends remained mixed. The Nifty Auto, Metal, and Media indices posted gains, while the PSU Bank, Realty, and IT indices experienced declines. The Nifty Oil & Gas index gained, benefiting from firm crude prices, while the financial services sector remained largely flat.

Overall, the market is expected to stay range-bound, with stock-specific movements likely to drive trading activity throughout the day.