New Delhi [India], April 7 (ANI): The Indian Market opened in the red on Tuesday as the benchmark indices experienced a sharp decline during the early trade, tracking global cues and rising energy costs.

The BSE Sensex stood at 73,371.20 points, marking a significant drop of 735.65 points or 0.99 per cent at 9:16 am. At the same time, the NSE Nifty 50 started at 22,741.30 points, recording a decrease of 226.95 points or 0.99 per cent.

The negative opening follows a surge in Brent crude prices, which traded at USD 111.43, up by 1.66 or 1.51 per cent as of 9:20 IST. This spike in oil prices coincides with an approaching geopolitical deadline in the United States, creating an atmosphere of caution across international markets.

Concerns intensified after US President Donald Trump renewed threats against Iran over the Strait of Hormuz. The surge in oil prices has raised fears over inflation and India's import bill, weighing on overall risk appetite.

Ajay Bagga, Banking and Market Expert, said, 'One more deadline with dire threats looms for the markets on Wednesday morning Asia time, Tuesday night in the US. Markets are holding up with Japan and Korea up this morning. Oil is stable. Indian markets are showing a negative open with continued FII selling daily, causing weakness.'

Despite the current downturn, the markets recently witnessed a period of positive momentum where the Consumer, PSU Banks, and Realty sectors performed well. However, the breach of opening levels today puts the focus back on critical support zones to determine if the recent pullback move remains intact.

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, 'Technically, after a muted open, the market found support near 22,550/72700 and reversed sharply. On daily charts, it has formed a bullish candle, and on intraday charts, it is holding a higher bottom formation, which is largely positive. We are of the view that the market has completed one leg of the pullback move; hence, buying on intraday corrections and selling on rallies would be the ideal strategy for day traders.'

Chouhan added that any slide below the 22,500 mark for the Nifty or 72,700 for the Sensex makes the current uptrend vulnerable. 'We consider 22,700/73500 and 22,500/72700 as key support zones for traders, while 23,200/74500 and 23,300/75000 could act as crucial resistance levels. However, if the index falls below 22,500/72700, the uptrend may become vulnerable. In such a scenario, traders may prefer to exit their long positions. The strategy should be to reduce weak long positions between 23150-23250/74500-74800 levels,' he said.

However, the US market closed higher, with the S&P 500 and Nasdaq extending gains for a fourth straight session, while the Dow Jones also ended in the green. (ANI)