Indian markets open flat as investors await geopolitical cues

Indian equity markets opened on a subdued note on Monday as investors remained cautious ahead of further developments surrounding the US-Iran ceasefire and expected diplomatic talks in the region.

The Nifty 50 edged up 5.75 points, or 0.02 per cent, to open at 24,061.75, while the Sensex slipped 45.26 points, or 0.06 per cent, to 77,055.21 in early trade.

Healthcare and pharmaceutical stocks led the gains, with the Nifty Healthcare index rising 0.53 per cent and the Nifty Pharma index adding 0.52 per cent. FMCG stocks also traded in positive territory.

Technology stocks, however, remained under pressure. The Nifty IT index fell 0.58 per cent, while the Auto and Oil & Gas indices declined 0.44 per cent and 0.38 per cent, respectively.

Among the major laggards on the Nifty were Kotak Mahindra Bank, InterGlobe Aviation, Mahindra & Mahindra, Infosys, HCL Technologies and Tata Consultancy Services.

Market analysts said technical indicators continue to suggest consolidation with a mildly positive bias. They noted that the Nifty remains below a key resistance zone of 24,200-24,250, and a sustained move above this level would be needed to trigger stronger upward momentum.

Analysts expect the benchmark index to remain range-bound in the near term, with stock-specific movements likely to dominate trading. The immediate support and resistance levels are seen at 23,800 and 24,250, respectively.

In the commodities market, Brent crude gained about 1 per cent to trade at $72.78 a barrel, while US West Texas Intermediate crude rose more than 2 per cent to nearly $71 a barrel.

Elsewhere in Asia, markets traded mixed. Japan's Nikkei fell around 1 per cent, Hong Kong's Hang Seng advanced more than 2 per cent, while South Korea's KOSPI declined over 2 per cent.

With IANS inputs