Markets Open Cautious As Brent Crosses $91; Nifty Trades Below 24,050

Indian equity benchmarks opened on a cautious note on Tuesday as elevated crude oil prices, rising global bond yields and renewed US-Iran military tensions weighed on investor sentiment.

The Nifty 50 was trading at 24,038.35, down 42.05 points or 0.17%, from its previous close of 24,080.40. The index had declined 95.25 points on Monday.

The Sensex opened at 76,994.11 against Monday's close of 76,957.27 and was trading at 76,876.53, down 80.74 points or 0.10%.

Brent crude crossed $91 per barrel in Asian trade after fresh US strikes on Iran were followed by Iranian missile attacks on American bases in Jordan.

Competing claims over whether vessels had struck mines near the Strait of Hormuz also kept energy markets on edge, adding to concerns over potential disruptions to global oil supplies.

ITC, Adani Stocks Among Top Gainers

ITC led the Nifty 50 gainers, rising 4.38% to ₹266.70. Bharti Airtel gained 2.75% to ₹1,861.70, while Adani Ports advanced 2.73% to ₹1,636.60.

Adani Enterprises rose 2.12% to ₹2,919.80, while TMPV added 2.19% to ₹315.60.

On the losing side, Max Healthcare fell 3.48% to ₹1,005.80. Nestle India declined 3.11% to ₹1,449.90, while IndiGo slipped 2.95% to ₹5,079.50.

TCS fell 2.72% to ₹2,334, while Shriram Finance declined 2.69% to ₹1,080.

The weakness in IT and FMCG stocks reflected the broader risk-off sentiment, while Media, Metals, Chemicals and Cement were also among the lagging sectors.

High US Bond Yields, FII Outflows In Focus

V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said India's Q1 GDP growth of 7.8% was reassuring and indicated that the economy was on track to achieve 7% growth in FY27.

He noted that services and secondary sectors grew 10% and 8.5%, respectively, reflecting a robust economy capable of delivering decent earnings growth.

However, Vijayakumar said global headwinds from elevated crude prices and high US bond yields could weigh on markets in the near term.

The US 10-year bond yield stood at 4.77%, while the 30-year yield was at 5.24%, according to him. He added that such elevated yields could encourage capital flows towards safe-haven US bonds.

FIIs sold equities worth Rs 13,025 crore in the cash market over the previous two sessions, he said.

“In brief, while high U.S. bond yields and elevated crude, more importantly the former, will negatively impact the market, the fundamentals will support the market,” Vijayakumar said.

He expects the Nifty to remain within a broad 23,000-25,000 range in the near term.