Mumbai, May 27: Domestic equity markets traded on a muted note in early deals on Wednesday amid mixed global cues and a decline in crude oil prices.

Sensex was trading at 76,050, up 40 points or 0.05 per cent in the morning session, while Nifty rose 20 points or 0.08 per cent to 23,932. Earlier, the benchmark indices opened at 75,939.86 and 23,880.35, respectively.

Among sectoral indices, Nifty Metal emerged as the top gainer, climbing 1.59 per cent, followed by Nifty Cement, which advanced 0.83 per cent. Nifty Media, Realty and Consumer Durables also traded higher, rising up to 0.67 per cent.

On the other hand, Nifty Oil & Gas was the top loser, falling 0.66 per cent. While private banks, financial services and IT indices also traded in the red, declining up to 0.33 per cent.

Among Nifty stocks, selling pressure was visible in select heavyweight counters, with Coal India dropping over 4 per cent and ONGC slipping nearly 3 per cent. HDFC Bank, Infosys and Wipro also remained under pressure.

Meanwhile, the volatility index India VIX gained 0.68 per cent to trade around 16.

According to analysts, the near-term market tone remains cautious but stable, as recent profit booking at higher levels indicates some consolidation after the sharp recovery phase.

“Despite intermittent weakness, controlled volatility and balanced market breadth suggest that broader sentiment has not deteriorated significantly,” they added.

Meanwhile, Iran on Tuesday accused the United States of violating the ceasefire by carrying out strikes near the disputed Strait of Hormuz, while Washington maintained that the attacks were defensive in nature.

In the commodity market, crude oil prices declined, with international benchmark Brent crude falling 1.73 per cent to $97.85 a barrel, while US West Texas Intermediate (WTI) crude dropped over 2 per cent to $91.87 per barrel.

In Asia, markets traded mixed. Hong Kong’s Hang Seng declined nearly 1 per cent, while Japan’s Nikkei and South Korea’s KOSPI rose up to almost 5 per cent.

Overnight in the US, Wall Street ended higher, with the S&P 500 gaining 0.61 per cent and the Nasdaq closing 1.19 per cent higher.

Mumbai, May 26: Indian equity markets traded flat in morning trade on Tuesday after fresh US strikes in southern Iran targeting boats attempting to lay mines and missile launch sites.

In early trade, Sensex was at 76,339.29, down 150 points or 0.20 per cent, while Nifty slipped 45 points or 0.19 per cent to 23,986.40. Earlier in the day, the benchmark indices opened at 76,224.14 and 24,004.10, respectively.

Among sectoral indices, IT, chemicals, media, PSU banks and metal stocks traded in positive territory.

Nifty IT rose 0.61 per cent, while Nifty Chemicals gained 0.58 per cent and Nifty Media advanced 0.54 per cent.

On the downside, consumer durables, healthcare, cement and realty indices were under pressure. Nifty Consumer Durables emerged as the top sectoral loser, falling 0.57 per cent, while Nifty Healthcare, Nifty Cement and Nifty Realty declined up to 0.3 per cent.

From the Nifty basket, InterGlobe Aviation (IndiGo) declined over 1 per cent, emerging as one of the top laggards on the benchmark indices. Other notable losers included SBI Life Insurance Company, Max Healthcare Institute, Titan Company, Bharti Airtel, Eternal Ltd and Trent, which fell up to 1 per cent.

In the broader market, small-cap and mid-cap indices outperformed. Nifty Smallcap 100 climbed 0.59 per cent, while Nifty Midcap 150 gained 0.13 per cent.

Meanwhile, the volatility tracker India VIX slipped 1.43 per cent.

Market experts said that despite ongoing negotiations aimed at ending the West Asia conflict, there are no indications of an immediate resolution.

They noted that the recent US “self-defence strikes” in southern Iran have temporarily dampened sentiment, although markets are not viewing the development as the beginning of another phase of military escalation.

According to experts, investor risk appetite remains strong, with markets rallying whenever there are signs of easing tensions and a decline in crude oil prices.

“The sharp rally in the previous session reflected optimism about the resilience of the domestic economy,” they added.

However, experts believe that a resolution of the conflict and a further decline in crude oil prices could help ease macroeconomic pressures facing the economy.

Meanwhile, crude oil prices rose, with international benchmark Brent crude gaining 1.17 per cent to $98.39 a barrel, while US West Texas Intermediate (WTI) crude climbed more than 3 per cent to $93.90 per barrel.

Mumbai: CNG consumers have received temporary relief as Compressed Natural Gas (CNG) prices in the city have not been increased despite another fuel hike announced in Delhi and the NCR on Tuesday.

While Indraprastha Gas Limited (IGL) raised CNG prices in Delhi by Rs 2 per kg, taking rates to Rs 83.09 per kg from May 26, Mahanagar Gas Limited (MGL) has kept CNG prices unchanged across Mumbai and the Mumbai Metropolitan Region (MMR).

This means CNG in Mumbai continues to remain priced at Rs 84 per kg, following the earlier hike implemented by MGL earlier this month. The latest Delhi revision marks the fourth CNG price increase in less than two weeks amid rising global energy prices and pressure on domestic fuel retailers.

Although there has been no fresh hike in Mumbai today, auto-rickshaw unions in the city have already renewed their demand for a fare revision after the previous Rs 2 per kg increase announced by MGL on May 14.

Mumbai’s auto unions have argued that rising fuel costs and inflation have increased operating expenses for drivers. Union representatives recently met transport department officials and submitted revised fare calculations based on recommendations of the B Khatua Committee.

At present, the minimum auto-rickshaw fare in Mumbai stands at Rs 26, while passengers are charged Rs 17.14 per kilometre after the base fare. According to union calculations, the per-kilometre fare should now increase to Rs 18.17.

“The expenses on fuel have increased substantially for auto-rickshaw drivers. Inflation and higher Consumer Price Index levels have also affected daily running costs,” Mumbai Rickshawmen’s Union General Secretary Thampi Kurien had said while demanding a fare hike.

The latest developments come at a time when petrol and diesel prices have witnessed repeated hikes across the country over the past two weeks, increasing concerns over transportation costs and inflationary pressure in Mumbai and other metro cities.

Despite today’s relief for Mumbai commuters, transport operators and auto unions are closely monitoring fuel pricing trends amid fears that further increases in global crude oil and gas prices could eventually impact CNG rates in the city as well.