By NE NOW NEWS
Guwahati: Indian equity markets opened on a weak note on Tuesday, extending early losses amid broad-based selling in IT, banking and financial stocks.
The Sensex fell 525.44 points, or 0.60 per cent, to 75,559.99 in early trade, while the Nifty slipped 116.55 points, or 0.49 per cent, to 23,699.30. Weak global cues had already signalled a subdued start, with GIFT Nifty trading lower at 23,722 ahead of the opening session.
Investor sentiment was further dented by currency weakness, with the rupee sliding to a fresh record low of 95.63 against the US dollar. The fall came amid concerns over escalating tensions in West Asia, which have raised fears of a broader disruption in energy supplies and pushed oil prices higher.
IT stocks led the decline, with the Nifty IT index dropping over 2 per cent. Broader markets also remained under pressure, as midcap and smallcap indices traded lower. Banking stocks were under watch, with analysts flagging continued weakness in momentum indicators and key support levels for the Bank Nifty around the 54,000 mark.
Persistent foreign institutional investor outflows and elevated crude oil prices added to the cautious mood in early trade. Since the outbreak of conflict in West Asia earlier this year, oil prices have remained volatile, keeping pressure on import-dependent economies like India.
Brent crude, which has surged nearly 46 per cent since the conflict began, rose another 1 per cent to 105.22 dollars, adding to global market unease. Asian currencies, equities and US equity futures also weakened, while Treasury yields edged higher.
The scale of external pressure was underscored by recent remarks from Prime Minister Narendra Modi, who urged fuel conservation, reduced imports and adoption of work-from-home practices. Market participants noted that such signals, in an already fragile environment, further weighed on sentiment.