After a long-weekend due to holidays, the domestic equity market opened in the red amid weak global cues, including rising oil prices and deepening Russia-Ukraine crisis.
The broader Nifty50 slipped below 17,200, while the Sensex tanked over 1000 points in the opening trade on Monday.
The two indices opened at 17,183.45 and 57,338.58 respectively.
Among sectors, except metal, which rose 0.8%, all other Nifty indices turned negative.
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In the pre-open, the Sensex tanked as much as 1000 points to trade around 57,300 as four shares advanced and 26 declined on the 30-share index.
“Nifty closed lower at 17,476 on Wednesday, while VIX ended at ~18-level. The Index continues to trade below the narrow trading band (17,800-17,600) taking support from the 21-day EMA (17,400), which is now a critical support on the downside. Continuing to spend more time below 17,800-level doesn’t augur well and it is imperative for the Index to demonstrate price intensity with meaningful OI addition to witness a directional break-out,” said Viraj Vyas, Technical and Derivatives analyst at Ashika Broking.
On weekly chart, the Index has formed a big red bar, which sums ups the bearish mood for the past week with critical support seen at 17,200-level, while resistance is seen at 18,100-level, he added.
Earlier, SGX Nifty had too hinted at a negative opening for the Indian market as the futures index on the Singaporean exchange dropped more than 60 points around 9 am on Monday.
In the Asian markets, Japanese Nikkei 225 was trading lower by more than 1.75% and Chinese Shanghai Composite declined over 1% in the early trade on Monday.
Earlier on Friday, the US markets ended deep in the red on Friday as all major indices closed lower. Benchmarks Dow Jones declined 0.3%, Nasdaq Composite closed 2.14% and S&P 500 dropped 1.21%.
