Indian Shares Decline as Profit Booking and Global Market Sentiment Weigh

Indian Equity Markets Open Lower Amid Global Cues

Indian equity markets opened lower on Thursday, April 9, with benchmark indices witnessing profit booking after the previous session's sharp rally, even as global cues turned mixed and crude oil prices edged higher.

At 09:16 am, the Sensex was down 515 points or 0.66 percent at 77,048, while the Nifty fell 142 points to 23,855. Market breadth was marginally negative, with 1,215 shares advancing, 1,288 declining, and 174 unchanged.

The weak start comes a day after markets surged for a fifth straight session, with the Nifty nearing the 24,000 mark, driven by easing geopolitical tensions following a temporary ceasefire between the US and Iran and a sharp fall in crude oil prices.

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However, sentiment turned cautious on Thursday as Asian markets traded lower, while crude prices rebounded amid concerns over the durability of the ceasefire and continued restrictions in the Strait of Hormuz, raising fresh worries over inflation and supply disruptions.

Among sectoral indices, most traded in the red. The Nifty IT index declined 1.4 percent, emerging as a key drag, while banking, auto, and realty indices also fell around 0.5-0.7 percent each. Broader markets were subdued, with midcap and smallcap indices slipping up to 0.4 percent.

On the upside, defensive and select PSU stocks saw buying interest. NTPC, Bharat Electronics, and Power Grid were among the top gainers on the Nifty.

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Meanwhile, financials and heavyweights led the losses, with Bajaj Finance, Shriram Finance, and Adani Ports falling over 2 percent each. IT majors also came under pressure, with Infosys declining nearly 2 percent and HCL Technologies down over 1 percent.

Analysts said the market is entering a consolidation phase after Wednesday's sharp upmove, with profit booking at higher levels weighing on sentiment.

Market participants also flagged continued foreign outflows as a concern. Foreign institutional investors remained net sellers to the tune of Rs 2,811 crore in the previous session, while domestic institutional investors provided support with net buying of around Rs 4,168 crore.

Technical analysts said the Nifty is hovering near a key resistance zone around 24,000–24,100, and failure to sustain above this level could lead to near-term consolidation, with immediate support seen around 23,700-23,600.