Indian stock markets opened lower on Wednesday, tracking weak global cues from the United States and Asian markets amid rising bond yields and escalating geopolitical tensions in West Asia.
The BSE Sensex opened at 74,806.49, falling 394.36 points or 0.52 per cent, while the NSE Nifty started the session at 23,457.25, down 160.75 points or 0.68 per cent.
During morning trade, the Sensex dropped as much as 671 points to touch an intraday low of 74,529. The Nifty also slipped nearly 220 points to 23,397 as selling pressure intensified across sectors.
Most sectoral indices traded in negative territory, with media and realty stocks emerging as the biggest losers. Nifty Media declined nearly 1.90 per cent, while Nifty Realty slipped 1.63 per cent.
Chemical and automobile stocks also remained under pressure, with Nifty Chemicals falling 1.53 per cent and Nifty Auto declining 1.42 per cent.
Banking and FMCG stocks also witnessed losses. Nifty PSU Bank fell 1.15 per cent, while Nifty FMCG and Nifty Cement slipped more than 1 per cent each.
Among major losers on the Nifty were Tata Steel, Bharat Electronics Limited, Mahindra & Mahindra, Eicher Motors, Maruti Suzuki India, JSW Steel, Grasim Industries, ICICI Bank and Hindustan Unilever.
Market volatility rose sharply, with the India VIX climbing over 3 per cent to around 19, reflecting cautious investor sentiment.
Analysts said technical indicators continued to signal weakness as the Nifty traded below key moving averages and important Fibonacci levels.
In commodities, Brent crude fell 0.77 per cent to 110.42 US dollars per barrel, while WTI crude slipped around 1 per cent.
Asian markets extended losses for a fourth straight session, while Wall Street also closed lower overnight, with declines in the S&P 500 and Nasdaq.