The Indian equity markets opened in the red on Thursday due to continued tensions between Iran and the United States over the closure of the Strait of Hormuz.
Both indices, including the 30-share BSE Sensex and the broader Nifty 50, opened flat, tracking mixed global cues and cautious sentiment ahead of key earnings and macro triggers.
The BSE Sensex opened at 77,014.21 against its previous close of 77,496.36 and slipped 679.52 points, or 0.88 per cent, to trade at 76,816.84 at 9:15 am. The NSE Nifty 50 opened at 23,996.95 compared to its previous close of 24,177.65. The index declined 211.15 points, or 0.87 per cent, to 23,966.50, slipping below the crucial 24,000 mark in early trade.
Besides, the Nifty futures at GIFT City in Ahmedabad were down 18 points at 24,087.5 amid weak cues from Asian markets, dynamic geopolitical developments at the Strait of Hormuz, and oil prices touching $120 per barrel levels on Thursday.
Before the markets opened on Thursday, the GIFT Nifty futures were trading 0.32 per cent higher but declined sharply after the opening bell.
Both indices had traded higher in the previous session after investor sentiment returned to the markets, backed by strong corporate earnings despite constant FII outflows and higher crude prices.
Latest data from NSE showed that Foreign Institutional Investors (FIIs) continued offloading their assets in emerging markets worldwide.
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