Sectoral Moves Show Pharma Gains While Auto and Cement Pull Back

Mumbai, September 29 — equity indices in India opened modestly lower on Tuesday, reflecting a blend of weak global cues and rising crude oil costs. The Sensex decreased by 138.04 points (0.19 percent) to 72,633.68, and the Nifty slipped 47.80 points (0.21 percent) to 22,732.45.

The decline was led by several sectoral indexes. Nifty Auto, Nifty Media, Nifty FMCG and Nifty Cement each logged drops of up to 0.64 percent, while Consumer Durables, Metal and Chemical groups also traded in the red. Meanwhile, defensive segments outperformed: pharmaceutical stocks rallied, with Nifty Pharma and the Nifty 500 Health‑care index each rising close to 1 percent.

Commentators attributed the bearish tone to Brent crude holding above the $106 threshold and the 10‑year U.S. Treasury yield hovering at 5.23 percent, a combination that has made the macro backdrop unfavorable for equities. Yet, experts highlighted that large‑cap growth stocks remain attractively priced, presenting potential entry points for patient investors.

From a technical standpoint, the Nifty found immediate support between 22,650 and 22,700, with resistance looming around 22,950‑23,000. Foreign Institutional Investors extended their net‑selling streak into a third session, offloading more than ₹5,353 crore on Monday, while Domestic Institutional Investors continued buying, netting ₹5,189 crore.

International commodity prices also rose, with Brent crude up over 1 percent at $106.87 per barrel and WTI crude at $93.99, also gaining more than 1 percent. Asian markets echoed the pressure, as Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s KOSPI each fell up to 1 percent in early trade. U.S. markets closed lower on Monday, with the S&P 500 down 0.77 percent and the Nasdaq dropping 0.92 percent.