Sensex, Nifty open lower as crude oil rises above $106

• The Sensex opened 138.04 points lower at 72,633.68, while the Nifty fell 47.80 points to 22,732.45

• Rising crude oil prices, higher US bond yields and weakness across Asian markets weighed on sentiment

• Foreign institutional investors sold more than Rs 5,353 crore worth of shares on Monday, while domestic institutions bought Rs 5,189 crore

Indian shares opened lower on Tuesday as rising crude oil prices and weak global cues kept investors cautious. The Sensex opened at 72,633.68, down 138.04 points, or 0.19 per cent, while the Nifty fell 47.80 points, or 0.21 per cent, to 22,732.45.

Most sectors were under pressure in morning trade. The auto, media, FMCG and cement indices declined by up to 0.64 per cent, while consumer durables, metals and chemicals also traded lower. Pharmaceutical and healthcare shares bucked the trend, with their indices gaining close to 1 per cent.

Oil prices were a key concern for investors. Brent crude was trading at $106.87 a barrel, up more than 1 per cent, while US West Texas Intermediate crude rose to $93.99. Analysts also pointed to the US 10-year Treasury yield, which stood at about 5.23 per cent, as a source of pressure on equities.

Market participants remained cautious after the Nifty fell below 23,000. Analysts identified 22,650–22,700 as an immediate support range and 22,950–23,000 as resistance.

Provisional exchange data showed foreign institutional investors were net sellers for a third consecutive session on Monday, offloading shares worth more than Rs 5,353 crore. Domestic institutional investors bought shares worth Rs 5,189 crore, providing some support to the market.

The subdued opening followed losses elsewhere. Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s KOSPI declined in early trade, while the S&P 500 and Nasdaq had closed lower in the US on Monday.

With IANS inputs