equity markets opened in the red on Thursday as foreign institutional investors (FIIs) maintained their selling trend, dragging auto and cement stocks lower.
The Sensex started at 72,192.89, down 287.39 points or 0.39 percent, while the Nifty slipped 76.75 points or 0.34 percent to 22,543.70.
Sectorally, Nifty Auto, Cement, Realty, Media, and Healthcare indices were the main losers, falling up to 2.76 percent in early trade. Energy, metal and pharma stocks also declined sharply, dropping between 0.86 percent and 0.95 percent.
Conversely, Nifty IT gained over 1 percent and Nifty Private Bank rose 0.60 percent.
Markets remained under pressure as FIIs continued their equity selling. On Wednesday, FIIs were net sellers for the fifth straight session, offloading shares worth over Rs 10,148 crore.
domestic institutional investors (DIIs) supported the market by buying equities worth Rs 11,271 crore during the session.
Analysts highlighted that steady FII selling coupled with rising US bond yields is likely to keep large-cap stocks under pressure in the short term. In September, FIIs sold equities worth Rs 45,536 crore on stock exchanges but invested Rs 9,676 crore through the primary market.
The market structure remains sideways to bearish in the near term, with immediate Nifty support estimated between 22,500 and 22,550 and resistance around 22,800 to 22,900.
Experts noted that a sustained move above resistance could boost sentiment, while a break below support might intensify selling pressure.
Crude oil prices are also being closely monitored, with a drop in Brent crude below $98 a barrel potentially offering relief to the markets.