Indian equity benchmarks open lower after three-day rally, metal stocks weigh

Indian equity benchmarks slipped at the open on Wednesday, snapping a three-session winning streak, as selling pressure in metal stocks offset broader market support.

The BSE Sensex fell 0.3 percent to 72,995.45 in early trade, while the NSE Nifty 50 declined 0.2 percent to 22,122.80. The benchmarks had gained about 1.6 percent over the previous three sessions.

Metal stocks were the biggest drag on the market. The Nifty Metal index dropped 1.1 percent, tracking weakness in global metal prices amid concerns over demand and a firmer dollar. Shares of Tata Steel, JSW Steel and Hindalco Industries were among the top losers in the sector.

Broader market sentiment remained cautious as investors locked in profits after the recent rally and awaited fresh cues from global markets. Asian equities were largely subdued, while U.S. stock futures edged lower, reflecting persistent uncertainty around interest rate trajectories and global growth.

Most other sectoral indices traded mixed. Financials offered limited support, with heavyweight private banks moving in a narrow range. Information technology stocks were marginally higher, aided by a stable rupee and selective buying after recent underperformance.

Analysts said the near-term trend for Indian equities remains range-bound, with investors closely tracking global commodity prices, foreign fund flows and upcoming macroeconomic data for direction.