By NSB.News
Mumbai: Domestic equity markets witnessed a weak start on Tuesday as selling pressure in heavyweight blue-chip stocks, including Reliance Industries and ICICI Bank, pulled the benchmarks lower in early trade. Cautious investor sentiment and mixed global cues further weighed on market movement.
The 30-share BSE Sensex declined by 320.69 points to trade at 83,249.66 in early deals. Similarly, the broader 50-share NSE Nifty slipped 124.60 points to 25,573.40.
Market participants said profit-booking in frontline stocks after recent gains, coupled with uncertainty over global economic trends, led to the early decline. Heavyweights from the banking, energy and IT sectors were among the top drags on the benchmarks, with Reliance Industries and ICICI Bank exerting significant pressure.
Despite the overall weakness, select mid-cap and small-cap stocks saw modest buying, helping limit the downside to some extent. Investors are closely tracking developments in global markets, crude oil price movements and the trading pattern of foreign institutional investors (FIIs) for further cues.
Analysts believe that market direction in the near term will be guided by global macroeconomic indicators, corporate earnings announcements and policy-related developments, with volatility likely to persist in the short run.