Mumbai, September 2 (TNA) Indian benchmark equity indices opened sharply lower on Wednesday, September 2, tracking weak global cues, rising crude oil prices and renewed geopolitical concerns. The NSE Nifty 50 slipped below the psychologically important 24,000 level in early trade, while the BSE Sensex also began the session in the red.
At around 9.09 am, the Nifty was trading 197.80 points, or 0.82%, lower at 23,858.00. The Sensex was down 300.42 points, or 0.39%, at 76,643.86. The weak opening followed a flat-to-negative indication from GIFT Nifty ahead of domestic market hours.
Investor sentiment was hit by weakness in overseas markets, with US stocks closing lower overnight and Asian markets also seeing selling pressure. The Nasdaq fell 1.03%, and the Dow Jones declined 0.79%, while elevated crude oil prices added to concerns for the Indian economy, which relies heavily on oil imports.
Brent crude rose 2.17% to around $96.71 a barrel, while US West Texas Intermediate crude gained 1.80% to $91.84 per barrel. Rising energy prices have raised fears of inflationary pressure and could affect corporate margins, consumer spending and India’s current account balance.
The market had ended almost flat in the previous session, with the Sensex closing at 76,944.28 and the Nifty settling at 24,055.80. Wednesday’s fall below 24,000 has brought the index’s near-term support zone into focus, as investors monitor global developments, crude movements, foreign fund flows and geopolitical tensions through the day.