Markets Open Lower on Weak Global Cues, Oil Surge

In contrast, the Nifty PSU Bank index gained around 1 per cent, while the Nifty Pharma, Nifty Healthcare, Nifty Metal and Nifty Oil & Gas indices traded in positive territory.

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Among Nifty constituents, HDFC Bank, Axis Bank, Kotak Mahindra Bank, IndiGo and Shriram Finance emerged as the top losers in early trade.

According to market experts, despite the weak global backdrop, the domestic market's technical structure remains resilient, and any decline is likely to attract buying at lower levels. They said the derivatives setup continues to support a bullish undertone, with the Nifty expected to find immediate support around the 24,100 level, while 24,500 is likely to act as the key resistance.

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Sensex, Nifty Open Lower as FII Selling Hits Fifth Day Markets

Meanwhile, international oil prices surged after the Middle East conflict escalated further over the weekend, with the United States and Iran exchanging fresh attacks.

Brent crude rose nearly 3 per cent to approach the $90-a-barrel mark, while the US West Texas Intermediate (WTI) crude gained more than 3 per cent to $85.39 a barrel.

Tehran said the ceasefire between the two countries had effectively collapsed, heightening concerns over potential disruptions to oil supplies through one of the world's busiest shipping routes.

Asian markets traded mixed. Japan's Nikkei and South Korea's Kospi tumbled more than 4 per cent each, while Hong Kong's Hang Seng gained around 2 per cent. Indonesia's Jakarta Composite and China's Shanghai Composite also rose by up to 1 per cent.