Sensex Slips 154 Points, Nifty Below 24,250 as Fed Jitters, Oil Spike Weigh; IT Stocks Shine

Stock Market Today: Sensex, Nifty Open Lower as Fed Signals Caution, Oil Prices Stay Elevated

Indian benchmark indices opened lower on Thursday, weighed down by weak global cues after the US Federal Reserve maintained interest rates but struck a hawkish tone, while elevated crude oil prices added to investor concerns. Gains in information technology stocks, however, helped cap losses.

At around 9:15 am, the BSE Sensex was down 154.76 points, or 0.20%, at 77,499.84, while the NSE Nifty 50 slipped 38.95 points, or 0.16%, to 24,211.25.

The broader market also traded lower, with the Nifty Bank falling 0.46% and the Nifty Financial Services index declining 0.52%. Midcap and smallcap indices were down by up to 0.4%, while India VIX rose 0.83%, indicating slightly higher market volatility.

Among sectoral indices, Nifty IT outperformed with a gain of 0.84%, led by HCLTech, Tech Mahindra, TCS and LTIMindtree. Pharma and Oil & Gas stocks also edged higher. Realty was the biggest laggard, falling over 1%, while PSU Bank, Private Bank and Financial Services stocks remained under pressure.

On the Sensex, Infosys, HCLTech, Tech Mahindra, TCS, Power Grid and Reliance Industries were among the top gainers. Asian Paints, Adani Ports, Eternal (Zomato), Bajaj Finance, Axis Bank and ICICI Bank led the losses.

Why are markets under pressure?

According to V K Vijayakumar, Chief Investment Strategist at Geojit Investments, Indian equities continue to show signs of strength, but global headwinds are preventing a sustained breakout.

He said the sharp jump in Brent crude prices following renewed geopolitical tensions involving the US and Iran has emerged as a key concern for markets. At the same time, the US Federal Reserve’s decision to keep interest rates unchanged failed to reassure investors, as policymakers remained divided on the inflation outlook, raising expectations that further tightening may still be possible.

The Fed’s stance pushed US Treasury yields higher and triggered a sell-off on Wall Street, dampening sentiment across global markets.

Despite the near-term volatility, Vijayakumar expects India to remain relatively resilient, supported by continued foreign institutional investor (FII) inflows in July and the country’s strong domestic economic fundamentals.

Global markets remain cautious

Asian markets traded mixed after the Federal Reserve’s policy decision, with investors reassessing the outlook for global interest rates. Brent crude eased below the $90-a-barrel mark after surging more than 7% in the previous session amid escalating tensions in the Middle East.

Japan’s Nikkei traded in positive territory, while South Korea’s Kospi remained under pressure due to weakness in semiconductor stocks. US futures recovered modestly after overnight losses as investors weighed higher bond yields, geopolitical risks and continued uncertainty over artificial intelligence-related spending.