Mumbai, October 22 (TNA) Indian equity benchmarks opened sharply lower on Thursday, with the Sensex falling more than 500 points and the Nifty 50 dropping below the 22,650 level as investors reacted to weak Asian markets and elevated crude oil prices.
The Sensex opened at approximately 73,169.20, down 540.49 points, or 0.73%, from its previous close. The Nifty 50 declined 201.60 points, or about 0.88%, to open near 22,610. The weak opening followed a cautious pre-market session, during which the Nifty and Sensex slipped as crude oil remained above $110 a barrel and Asian equities traded lower. Investors were also monitoring foreign portfolio flows, global interest-rate signals and corporate earnings.
Selling across sectors
Selling was visible across several sectors in early trade, with financial, energy and other heavyweight stocks coming under pressure. The decline came a day after the indices opened higher but surrendered much of their gains amid profit-taking and broad market weakness.
Market participants are also assessing the impact of rising energy costs on India’s inflation, current-account position and corporate margins. Sustained high crude prices could particularly affect oil-importing sectors and the broader rupee outlook.
Jio IPO remains in focus
Jio Platforms’ ₹30,213-crore IPO remained a major market event on Thursday. The issue was fully subscribed within about 100 minutes on its opening day and received bids worth nearly ₹70,000 crore by the end of Wednesday’s session.
The IPO is scheduled to remain open until October 23, while Reliance Industries shares are being closely watched after rising sharply during the previous session on the strong response to the offering. Analysts expect volatility to remain high during the session as investors track crude prices, global cues, institutional fund flows and the continuing subscription to the Jio issue.