Indian Equity Market Opens Lower Amid IPO Rush and Middle East Tensions

The Indian equity market opened lower on Monday due to concerns over liquidity absorption from a busy initial public offering (IPO) calendar and rising tensions in the Middle East that have pushed crude oil prices higher.

Nifty 50 started the trading session declining by 14.55 points or 0.06 per cent at 23,883.15, while Sensex opened 69.38 points or 0.09 per cent lower at 76,446.05.

The Nifty Media index fell by 1.26 per cent and the Nifty IT index declined by 1.15 per cent, leading sectoral losses. However, some indices such as Nifty Oil & Gas rose 0.06 per cent, while Nifty Metal, Nifty PSU Bank, and Nifty Realty gained up to 0.38 per cent.

According to analysts, the equity market had been drifting lower for four weeks despite positive economic and corporate earnings news with elevated crude prices and the IPO boom emerging as key headwinds.