Mumbai– Indian equity markets opened lower on Tuesday, weighed down by losses in heavyweights such as Infosys, Eternal (Zomato), and Kotak Mahindra Bank. At 9:25 a.m., the Sensex had fallen 444 points or 0.54% to 81,985, while the Nifty declined 105 points or 0.42% to 24,817.
Analysts noted that the Nifty may find support at 24,800, with additional support levels at 24,700 and 24,500. On the upside, immediate resistance is expected around 25,000, followed by 25,100 and 25,200.
Among the top gainers in the Sensex pack were Sun Pharma, IndusInd Bank, Tech Mahindra, Bajaj Finance, Maruti Suzuki, Titan, Hindustan Unilever (HUL), and Axis Bank. Major laggards included Infosys, Eternal (Zomato), Tata Steel, HCL Technologies, Power Grid, UltraTech Cement, Asian Paints, ITC, NTPC, and HDFC Bank.
Sector-wise, auto, IT, financial services, FMCG, metal, realty, and media stocks led the decline, while PSU banks, pharma, realty, and public sector enterprises (PSEs) posted modest gains.
Midcap and smallcap stocks showed some resilience. The Nifty Midcap 100 rose 20 points to 55,437, while the Nifty Smallcap 100 added 38 points to reach 16,805.
“After yesterday’s strong rally, the markets are likely to consolidate recent gains. However, we expect continued buying interest in midcap and smallcap segments at lower levels,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.
Most Asian markets were trading higher, with Tokyo, Bangkok, Seoul, and Shanghai in the green. Hong Kong, however, was trading in the red.
U.S. markets closed on a high note, buoyed by easing trade tensions between Washington and Beijing. The Dow Jones Industrial Average jumped 2.81%, while the tech-heavy Nasdaq surged 4.35% in the previous session.
Foreign institutional investors (FIIs) were net buyers, purchasing ₹1,246 crore worth of equities on May 13. Domestic institutional investors (DIIs) also bought ₹1,488 crore in equities on the same day.
“Given current market conditions, traders should remain disciplined, apply strict risk management, and focus on short-term opportunities. With ongoing global uncertainties, it’s wise to avoid large overnight positions and maintain tight stop-loss strategies,” advised Hardik Matalia, Derivative Analyst at Choice Broking. (Source: IANS)
