Indian stock market opened in red with decline, Sensex fell by more than 700 points.

Mumbai, June 3. The Indian stock market opened in the red on Wednesday, the third trading day of the week, due to negative global signals amid uncertainty over US-Iran peace talks. The 30-share BSE Sensex opened at 74,507.73, down 142.11 points from its previous close of 74,649.84, while the NSE Nifty 50 opened at 23,415.95, down 67.6 points from its previous close of 23,483.55. At the time of writing (around 9.32 am), the Sensex was down by 782.10 points or 1.05 percent at 73,867.74, while the Nifty fell by 50205.05 points or 0.87 percent to 23,278.50.

In the broader market, Nifty Midcap and Nifty Smallcap indices were trading 0.85 per cent and 0.58 per cent lower, respectively. Sector wise, Nifty IT was the worst performing sector, registering a decline of 3.9 percent. Along with this, a decline of 1.91 percent was seen in Nifty Realty, 1.20 percent in Nifty Media, 0.97 percent in Nifty Financial Services, 0.98 percent in Nifty FMCG and 0.98 percent in Nifty PSU Bank. At the same time, Nifty Auto and Nifty Metal performed better with the least loss. In early trade, TCS shares recorded the biggest decline of 6.6 percent in the Nifty pack.

Apart from this, shares of Tech Mahindra, Infosys, HCL Tech saw a decline of 4.3 percent to 3.1 percent. At the same time, shares of ITC and Eternal were also seen performing poorly. On the contrary, shares of ONGC, Apollo Hospitals, Bajaj-Auto, Maruti, Nestle India and Tata Consumer registered gains. Meanwhile, the rupee opened 15 paise weaker at 95.47 against the US dollar. On Tuesday it closed at 95.27 per dollar.

According to market experts, Nifty showed strength after touching the important level of 23,262 and remained above the important support levels of 23,153 and 23,106. Now the level of 23,229 is considered important support. A strong rally in the market will be confirmed only if Nifty is successful in closing above 23,800. On the domestic front, investors will focus on the three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI), which begins on Wednesday and will continue till Friday.