Indian Equities Open Flat Amid Mixed Global Market Conditions, IT Sector Weighs

Indian Equity Benchmarks Open Muted Amid Rising Crude Oil Prices and FII Selling

Key Statistics

• Sensex: Down 75 points or 0.1 percent at 75,428 by 09:20 am
• Nifty: Down 27 points to 23,382
• Market Breadth: Positive with 1,402 shares advancing against 1,129 declines

The Indian equity market opened on a cautious note on Tuesday, following a sharp rebound in the previous session. The cautious start comes despite global cues remaining supportive but mixed. Wall Street ended sharply higher overnight, with the S&P 500 rising over 1 percent and the Nasdaq gaining 1.2 percent. Asian markets also traded higher in early sessions, tracking gains in the US and optimism around easing concerns over shipping disruptions in the Strait of Hormuz.

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However, concerns over supply disruptions in the Strait of Hormuz persisted, driving crude oil prices higher. Brent Crude rose above $102 per barrel, keeping inflation risks in focus.

Institutional flows continued to weigh on sentiment, with Foreign Institutional Investors (FIIs) selling equities worth over Rs 9,365 crore on March 16. This extended their selling streak, while domestic institutional investors (DIIs) bought Rs 12,593 crore, helping stabilise the market.

Sectoral Performance

• IT Stocks: Led the decline, with the Nifty IT index falling over 1 percent
• Banking Stocks: Under mild pressure, with the Nifty Bank index down around 0.3 percent

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Top Gainers and Losers

• Asian Paints: Rose around 0.7 percent
• Bharti Airtel: Rose around 0.7 percent
• Infosys: Fell about 1.2 percent
• HCL Technologies: Fell about 0.9 percent

Market Outlook

Market volatility showed signs of easing, with the India VIX declining about 2.5 percent. Analysts expect fluctuations to remain elevated given ongoing geopolitical risks and uncertainty around crude oil prices. The near-term trajectory of the market will depend on crude oil price trends, Middle East conflict, and institutional fund flows.