Sensex fell over 150 points and Nifty opened at 23,743.10 as rising crude oil prices, weakness in IT and auto stocks and US Fed rate hike fears weighed on markets.

Dalal Street Starts On A Weak Note |

Mumbai: Indian stock markets opened lower on Tuesday, September 8, as rising crude oil prices and selling in IT and auto stocks weighed on investor sentiment. Concerns over a possible US Federal Reserve rate hike this month also kept traders cautious.

The Nifty 50 opened 36.05 points, or 0.15%, lower at 23,743.10, while the BSE Sensex dropped more than 150 points, or 0.21%, to 75,970.28 in early trade.

IT, Auto Stocks Lead Decline

Sectorally, Nifty IT and Nifty Auto were the biggest losers, falling up to around 1% in early deals.

Nifty Oil & Gas declined 0.48%, while Nifty Private Bank slipped 0.39%. Nifty Metal bucked the broader weakness and gained 0.45%.

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Market experts said Indian equities are now in their fifth week of a gradual downtrend, pressured by elevated crude oil prices, weakness in IT stocks, US Fed rate hike concerns and liquidity being absorbed by a busy IPO market.

Despite the weakness, experts believe improving fundamentals in large-cap stocks could offer opportunities for long-term investors.

Nifty Support at 23,720

On the technical front, Nifty resistance is seen at 23,860, while 23,720 is the immediate downside level to watch.

A break below 23,720 could push the benchmark towards the next support levels of 23,570 and 23,260.

Experts said investors could consider increasing portfolio exposure to fundamentally strong large-cap stocks rather than attempting to time short-term market movements.

Crude Oil Adds to Market Pressure

Asian markets traded mixed on Tuesday amid uneven regional economic data and renewed geopolitical concerns in the Persian Gulf.

Crude oil prices continued to rise as Middle East tensions intensified after Iran warned of retaliation against any fresh US strikes on its assets.

The development has increased concerns about potential oil supply disruptions, adding to inflation worries and uncertainty over the US Federal Reserve's interest rate outlook.

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