Mumbai, July 8 (IANS) Domestic equity markets opened lower on Wednesday, tracking weak global cues amid renewed geopolitical tensions in the Middle East.

Sensex opened 364.27 points or 0.46 per cent lower at 77,816.45, while Nifty slipped 139.15 points or 0.57 per cent to 24,259.55.

Among sectoral indices, Nifty Oil & Gas led the losses, declining more than 1 per cent.

Nifty Media, Nifty PSU Bank, Nifty Realty, Nifty Cement, Nifty Metal, Nifty Auto and Nifty FMCG also declined by up to almost 1 per cent.

On the gaining side, pharma stocks outperformed, with Nifty Pharma rising 0.73 per cent. Nifty IT also traded in the green, up 0.25 per cent.

Among the Nifty 50 stocks, Shriram Finance, InterGlobe Aviation, Asian Paints, Bajaj Finance, Eicher Motors, Larsen & Toubro and JSW Steel were among the top losers.

According to market experts, the weak opening was largely driven by negative global cues after a sell-off in US technology stocks and subdued sentiment across Asian markets.

Additionally, rising geopolitical tensions in the Middle East pushed crude oil prices above $75 a barrel.

The near-term outlook remains cautious, with the Nifty facing resistance around the 24,450 level and immediate support at 24,200, analysts said, adding that a sustained breach below this support could drag the index towards the key 24,000 mark.

The US military has launched a series of strikes against Iran, saying the action was in response to alleged Iranian attacks on three commercial vessels transiting the Strait of Hormuz.

In a statement, the US Central Command (CENTCOM) said its forces had begun a series of powerful strikes to impose high costs on Iran for targeting and attacking commercial shipping.

On the commodities front, international benchmark Brent crude surged nearly 3 per cent to $76.39 a barrel, while US West Texas Intermediate (WTI) crude gained more than 3 per cent to $72.72 a barrel.

Asian markets traded mixed, with Japan’s Nikkei edging lower, while Hong Kong’s Hang Seng rose more than 2 per cent. South Korea’s KOSPI was trading over 1 per cent lower.

–IANS

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