Sensex and Nifty opened lower as a packed IPO calendar and Middle East tensions weighed on sentiment, while higher crude oil prices added to market concerns.

Sensex, Nifty Start In The Red | Representational Image

Mumbai: Indian equity benchmarks Sensex and Nifty opened marginally lower on Monday as a packed IPO calendar and escalating Middle East tensions kept investors cautious. Higher crude oil prices also added pressure to market sentiment.

The Sensex opened 69.38 points, or 0.09%, lower at 76,446.05, while the Nifty 50 slipped 14.55 points, or 0.06%, to 23,883.15 at the opening bell.

IT, Media Stocks Lead Decline

Selling pressure was visible across several sectors in early trade. The Nifty Media index dropped 1.26%, while the Nifty IT index declined 1.15%, emerging as the biggest sectoral laggards.

Nifty Auto, Chemicals, Private Bank, FMCG and Cement indices were also trading in negative territory.

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On the other hand, Nifty Oil & Gas edged 0.06% higher. Metal, PSU Bank and Realty indices gained up to 0.38%, providing some support to the broader market.

IPO Rush Puts Liquidity in Focus

A busy IPO calendar has emerged as another key factor for the Indian stock market this week. Eleven mainboard IPOs are scheduled to hit the primary market, raising concerns that fresh issues could absorb substantial liquidity.

More large IPOs are also expected during September, potentially diverting investor attention and funds away from the secondary market.

Crude Oil Adds to Market Concerns

Crude oil prices remained elevated as tensions between the United States and Iran around the Strait of Hormuz raised fears of supply disruptions.

Higher oil prices are particularly significant for India because of its dependence on crude imports and their potential impact on inflation and the rupee.

Nifty Support at 23,800

On the technical front, Nifty support is seen around 23,800, while immediate resistance remains near 23,960.

A sustained break below 23,800 could increase downside pressure, with 23,570 emerging as the next important level. On the upside, the 24,150-24,215 zone remains a major hurdle before stronger momentum can emerge.

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