Mumbai, June 3: The Indian stock market opened lower on Wednesday, reflecting negative global cues amid uncertainty surrounding the US-Iran peace talks. The 30-share BSE Sensex opened at 74,507.73, down 142.11 points from its previous close of 74,649.84. Similarly, the NSE Nifty 50 opened at 23,415.95, a decline of 67.6 points from its last close of 23,483.55.
As of 9:32 AM, the Sensex had dropped by 782.10 points, or 1.05%, to reach 73,867.74, while the Nifty 50 fell by 205.05 points, or 0.87%, settling at 23,278.50.
In broader market trends, the Nifty Midcap and Nifty Smallcap indices recorded declines of 0.85% and 0.58%, respectively.
Sector-wise, the Nifty IT sector was the worst performer, witnessing a drop of 3.9%. Other sectors also faced declines, including Nifty Realty at 1.91%, Nifty Media at 1.20%, Nifty Financial Services at 0.97%, Nifty FMCG at 0.98%, and Nifty PSU Bank at 0.98%. Conversely, Nifty Auto and Nifty Metal sectors performed relatively better with minimal losses.
In early trading, TCS shares recorded the most significant decline in the Nifty pack, falling by 6.6%. Other notable declines were seen in Tech Mahindra, Infosys, and HCL Tech, with drops ranging from 4.3% to 3.1%. On the upside, shares of ONGC, Apollo Hospital, Bajaj Auto, Maruti, Nestlé India, and Tata Consumer showed positive movement.
Meanwhile, the Indian rupee opened weaker against the US dollar, trading at 95.47, down 15 paise from Tuesday’s close of 95.27.
Market experts noted that the Nifty had shown strength after touching a crucial level of 23,262, maintaining above significant support levels of 23,153 and 23,106. The 23,229 level is now considered critical support, and a strong bullish confirmation will occur only if the Nifty closes above 23,800.
On the domestic front, investors are focusing on the three-day meeting of the Reserve Bank of India’s monetary policy committee, which begins today and will continue until Friday.
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