Indian shares edged lower in early trade on Wednesday, with the Sensex dropping over 200 points and the Nifty retreating towards 24,400 amid global oil price concerns and geopolitical tensions, despite signals of improving economic growth outlook.
Indian shares edged lower in early trade on Wednesday as investors stayed cautious, with the Sensex falling more than 200 points and the Nifty slipping back towards 24,400. By 9:21 am, the BSE Sensex was at 77,942.17, down 212.08 points, while the Nifty 50 stood at 24,415.10, lower by 56.60 points. Reuters-style market data showed the benchmarks opened firmer before losing ground in a narrow morning range.
Among the Nifty 50 constituents, Hindalco Industries led the gainers, rising 3.67% to Rs 1,087.65. Tech Mahindra, Bajaj Auto and Nestle India also traded higher, while Grasim Industries, ONGC, State Bank of India and Tata Steel posted gains. Financial shares were weaker, with Bajaj Finserv, Max Healthcare, Kotak Mahindra Bank, SBI Life Insurance and Bajaj Finance all slipping. HDFC Bank, ICICI Bank and Axis Bank were also under pressure.
Information technology shares were mixed but broadly subdued. TCS and Infosys declined, HCLTech was little changed and Tech Mahindra outperformed the sector. Elsewhere, Mahindra & Mahindra, Larsen & Toubro and Reliance Industries all traded lower, adding to the cautious tone across the broader market.
Dr VK Vijayakumar, chief investment strategist at Geojit Investments Limited, said the market was struggling to break out on the upside because of higher crude prices. He said Brent had moved back above $89 a barrel and added that US-Iran tensions, including recent maritime developments in the Gulf, could keep oil elevated and cap equities. At the same time, he said India’s growth outlook was improving, pointing to an SBI projection of 8% GDP growth in FY27 versus the RBI’s 6.7% estimate. He also highlighted strong activity in mid-cap and small-cap shares, where stocks were reacting sharply to results and news.
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