Mumbai, Aug 17: Indian equity markets opened marginally lower on Monday as continued uncertainty over the US-Iran conflict kept crude oil prices elevated, weighing on investor sentiment.
The Nifty 50 opened at 24,343.45, down 22.55 points, or 0.09 per cent, while the Sensex declined more than 100 points, falling 0.15 per cent to 77,892.92 in early trade.
Selling pressure was visible across several sectors. The Nifty MidSmall Financial Services index emerged as the biggest laggard, falling 0.98 per cent. Nifty PSU Bank and Nifty FMCG indices also declined by up to 0.9 per cent.
Other sectors, including realty, cement, IT, energy and private banks, also traded in negative territory during the early session.
Market participants remained cautious as the lack of progress towards resolving the US-Iran conflict continued to support crude oil prices. Higher oil prices are a concern for India because the country relies heavily on imports to meet its energy requirements and a sustained rise in crude prices could put pressure on inflation and corporate costs.
Analysts expect the domestic market to remain range-bound in the near term, with geopolitical developments and movements in crude oil prices likely to determine the broader market direction.
Despite the cautious start, analysts see opportunities in midcap and smallcap stocks, particularly where company-specific fundamentals remain strong. Investors are expected to focus on individual earnings, valuations and sector-specific developments rather than taking broad market positions.
With global cues remaining mixed and geopolitical uncertainty continuing, market participants are likely to maintain a cautious approach while watching developments in oil prices and the US-Iran situation closely.
