BT Opening Bell: Sensex slips 330 pts, Nifty below 24,000; SBI, Sun Pharma lead losers

Domestic benchmark indices Sensex and Nifty opened on a weak note on Tuesday amid mixed global cues, as elevated crude oil prices and ongoing uncertainty over the Strait of Hormuz in the backdrop of the unresolved US–Iran conflict weighed on sentiment.

At 9:18 am, the BSE Sensex declined 139.18 points, or 0.18%, to 77,164.45 after falling 330 points in early trade. The NSE Nifty slipped 58.95 points, or 0.24%, to 24,033.75, briefly touching a low of 23,999.25.

Among Sensex constituents, State Bank of India (SBI) slipped 1.12% to Rs 1099.40. Sun Pharma declined 0.92%, while Axis Bank, Eternal and Bajaj Finserv fell 0.56%, 0.49% and 0.37%, respectively.

“India underperformed hugely in 2025 and this trend is continuing in 2026, too,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, noting that the S&P 500 set new records this year, the Kospi is up 55% year to date, the Taiex is up 35% year to date, and the Nifty is down 7.8% year to date.

“The principal reason behind this underperformance is the booming AI trade which began in 2025 and is continuing this year. A few AI stocks are driving this AI trade globally. Bulk of portfolio flows are hot money that chase momentum. So long as this market momentum continues, FIIs are likely to continue selling,” Vijayakumar said.

Broader Asian markets traded mostly lower today. Japan’s Nikkei 225 was down 0.49% to 60,238.21, while South Korea’s Kospi gained 0.57% to 6,652.79, and Hong Kong’s Hang Seng slipped 0.68% to 25,749.62. 

Wall Street ended mixed overnight, with two of three major indices closing in the green. The S&P 500 edged up 0.12% to close at 7,173.91, while the Dow Jones Industrial Average edged down 0.13% to end at 49,167.79. The Nasdaq Composite gained 0.20% to settle at 24,887.10.

In the near term, markets appear to be entering a consolidation phase, with directional conviction limited and stock-specific triggers dominating, said Hariprasad K, SEBI-registered research analyst and founder, Livelong Wealth.

 “A disciplined, tactical approach remains key, as headline risks and expiry dynamics could lead to swift shifts in sentiment through the session,” Hariprasad added

In the previous session on Monday, the Sensex rose 639.42 points, or 0.83%, to settle at 77,303.63, while the Nifty climbed 194.75 points, or 0.81%, to close at 24,092.70.