Indian Equities Open Lower Amid Weak Global Cues and Higher Crude Oil Prices

Indian equities opened subdued on Tuesday due to weak global cues and higher crude oil prices. The Sensex fell 0.19% to open at 72,633.68, while the Nifty dropped 0.21% to begin trading at 22,732.45.

The sectoral indices that declined included Nifty Auto, Nifty Media, Nifty FMCG, and Nifty Cement, which fell up to 0.64%. Consumer durables, metal, and chemicals also traded lower, while pharmaceuticals and healthcare stocks gained up to nearly 1%.

Analysts pointed out the unfavorable global macro backdrop, citing elevated crude prices and higher US bond yields as concerns. They noted that attractive valuations among large-cap growth stocks could provide buying opportunities for long-term investors.

The short-term setup remains bearish following the breakdown below 23,000, with derivatives positioning reflecting increased caution. The immediate support for the Nifty is seen at 22,650-22,700, while resistance is placed at 22,950-23,000.