Mumbai, May 27 (IANS) Domestic equity markets traded on a muted note in early deals on Wednesday amid mixed global cues and a decline in crude oil prices.

Sensex was trading at 76,050, up 40 points or 0.05 per cent in the morning session, while Nifty rose 20 points or 0.08 per cent to 23,932. Earlier, the benchmark indices opened at 75,939.86 and 23,880.35, respectively.

Among sectoral indices, Nifty Metal emerged as the top gainer, climbing 1.59 per cent, followed by Nifty Cement, which advanced 0.83 per cent. Nifty Media, Realty and Consumer Durables also traded higher, rising up to 0.67 per cent.

On the other hand, Nifty Oil & Gas was the top loser, falling 0.66 per cent. While private banks, financial services and IT indices also traded in the red, declining up to 0.33 per cent.

Among Nifty stocks, selling pressure was visible in select heavyweight counters, with Coal India dropping over 4 per cent and ONGC slipping nearly 3 per cent. HDFC Bank, Infosys and Wipro also remained under pressure.

Meanwhile, the volatility index India VIX gained 0.68 per cent to trade around 16.

According to analysts, the near-term market tone remains cautious but stable, as recent profit booking at higher levels indicates some consolidation after the sharp recovery phase.

“Despite intermittent weakness, controlled volatility and balanced market breadth suggest that broader sentiment has not deteriorated significantly,” they added.

Meanwhile, Iran on Tuesday accused the United States of violating the ceasefire by carrying out strikes near the disputed Strait of Hormuz, while Washington maintained that the attacks were defensive in nature.

In the commodity market, crude oil prices declined, with international benchmark Brent crude falling 1.73 per cent to $97.85 a barrel, while US West Texas Intermediate (WTI) crude dropped over 2 per cent to $91.87 per barrel.

In Asia, markets traded mixed. Hong Kong’s Hang Seng declined nearly 1 per cent, while Japan’s Nikkei and South Korea’s KOSPI rose up to almost 5 per cent.

Overnight in the US, Wall Street ended higher, with the S&P 500 gaining 0.61 per cent and the Nasdaq closing 1.19 per cent higher.

–IANS

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