Mumbai : The Indian stock market today opened on a weak note as benchmark indices plunged in the pre-open session amid rising crude oil prices, geopolitical tensions in West Asia, and persistent foreign institutional investor (FII) outflows.
The BSE Sensex began the session near the 76,000 level, dropping more than 800 points in early trade, while the NSE Nifty 50 opened around 23,650, falling over 200 points as of 9:15 AM. The weak opening in the Indian stock market today follows a sharp sell-off in the previous trading session.
Select Stocks Show Resilience
Despite the broader market decline in the Indian stock market today, a few stocks managed to trade in positive territory. Shares of Tech Mahindra, Reliance Industries, and HCLTech emerged as early gainers.
However, several major stocks were under pressure. Decliners included InterGlobe Aviation (IndiGo), Mahindra & Mahindra, Titan Company, and Larsen & Toubro, reflecting the overall negative sentiment across sectors.
In the broader markets, the Nifty Microcap 250 index recorded the sharpest decline, falling nearly 1.9 per cent. Sectorally, all indices traded in the red, with the auto sector witnessing the steepest fall of about 2.65 per cent.
Crude Oil Surge Raises Concerns
A major reason behind the weakness in the Indian stock market today is the sudden spike in crude oil prices. The global benchmark Brent crude surged nearly 9 per cent to trade above $100 per barrel.
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Higher oil prices are generally considered negative for India, which relies heavily on imported crude. A sustained increase in oil prices can push inflation higher and widen the country’s current account deficit.
Weak Global Market Cues
Global market sentiment also weighed on the Indian stock market today. Major Asian indices, including Japan’s Nikkei 225, South Korea’s Kospi, China’s Shanghai Composite, and Hong Kong’s Hang Seng Index, were trading lower.
Meanwhile, U.S. markets had ended mostly in negative territory in the previous session, further dampening investor sentiment.
Persistent FII Selling Adds Pressure
Another key factor affecting the Indian stock market today is sustained selling by foreign institutional investors. According to exchange data, FIIs sold equities worth ₹6,267.31 crore on Wednesday.
Domestic Institutional Investors (DIIs), however, remained buyers and purchased shares worth ₹4,965.53 crore during the same session.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that continued geopolitical tensions and rising oil prices have pushed markets into a weak zone.
Markets Fell Sharply in Previous Session
The weakness in the Indian stock market today comes after a steep fall in the previous session. On Wednesday, the BSE Sensex plunged 1,342 points to close at 76,863.71, while the NSE Nifty 50 dropped 394.75 points to settle at 23,866.85.
Market breadth remained negative on the BSE, with 2,380 stocks declining compared to 1,881 advancing, indicating broad-based selling across sectors.
With global uncertainties, high crude prices, and persistent FII selling continuing to weigh on sentiment, analysts believe volatility in the Indian stock market today may remain elevated in the near term.