Daijiworld Media Network – New Delhi

New Delhi, Sep 2: Indian equity markets opened sharply lower on Wednesday amid weak global cues and a fresh escalation in the US-Iran conflict, which pushed crude oil prices higher and raised concerns over inflation.

The 30-share BSE Sensex fell 472.96 points, or 0.61%, to open at 76,471.32. The NSE Nifty 50 also declined 196.60 points to 23,859.20. In the previous session, the Sensex had closed at 76,944.28, while the Nifty ended at 24,055.80.

Broader market indices also remained under pressure in early trade. The BSE MidCap Select Index declined 191.17 points, while the BSE SmallCap Select Index fell 95.48 points, or 1.04%, to 9,117.94.

Market breadth was negative, with 2,180 stocks declining against 1,336 advancing on the NSE, while 132 stocks remained unchanged.

Gift Nifty had indicated a cautious opening, declining 25 points to 24,026 compared to its previous close of 24,051.

Foreign Institutional Investors (FIIs) turned net buyers in the previous session, purchasing equities worth Rs 1,143.38 crore on September 1. Domestic Institutional Investors (DIIs) also remained buyers, investing Rs 1,846.94 crore in the equity market.

Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, said the return of foreign investors as buyers, along with continued domestic institutional buying, offered some support to the market at lower levels.

Asian markets also came under pressure after US equities ended broadly lower amid concerns over the impact of renewed military strikes on Iran on crude oil prices and inflation.

Japan’s Nikkei 225 declined 1,837.34 points, or 2.77%, to 64,378, while Hong Kong’s Hang Seng fell 294.73 points, or 1.16%. South Korea’s Kospi dropped 231.88 points, or 3.39%, and the Shanghai SSE Composite Index declined 32.63 points, or 0.83%.

Investors are expected to closely track developments in the Middle East, crude oil prices and global market trends for further direction during Wednesday’s trading session.