Mumbai: Indian stock markets opened lower on Tuesday as weak global cues weighed on investor sentiment. Both benchmark indices slipped 0.2 per cent at the opening bell. 

The Sensex dropped 195 points to trade at 84,756 in early deals, while the Nifty fell 64 points to 25,949. Most heavyweight stocks were under pressure, dragging the indices down.

“Immediate resistance now lies at 26,100, followed by 26,150, while the 25,850–25,900 band is likely to offer meaningful support and serve as an accumulation zone for positional traders,” market experts said.

“These levels will remain crucial as the index navigates early weakness,” experts noted.

Tata Steel, Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, Larsen & Toubro, Mahindra & Mahindra, Tech Mahindra, HCL Tech, Sun Pharma and Titan were among the major laggards, declining between 0.5 per cent and 1 per cent.

However, a few stocks managed to stay in positive territory. Bharat Electronics, Bharti Airtel, Axis Bank, Eternal and State Bank of India were the only gainers on the Sensex, rising up to 0.5 per cent.

Broader markets also opened weak, with the Nifty MidCap index slipping 0.25 per cent and the Nifty SmallCap index falling 0.40 per cent.

Among sectoral indices, Nifty PSU Bank was the only one to trade higher, gaining 0.25 per cent. On the other hand, Nifty Realty and Nifty Metal dropped 0.8 per cent each, while the Nifty IT index fell 0.5 per cent.

The Bank Nifty mirrored the broader market’s resilience, reflecting renewed buying momentum.

“Strong support is identified at 58,600, and a breakdown below this mark may trigger a modest decline toward 58,800,” market watchers mentioned.

“On the upside, resistance at 59,100 remains a key barrier, and a sustained breakout above this level may open the path toward 59,300, indicating potential continuation of the bullish trend,” experts stated.

Egypt’s Saving System says its technology can result in big savings on corporate electrical bills.

At the heart of its product are special capacitors – devices which store electrical energy. Saving System says that, when wired up, the capacitors can make electricity use more efficient, saving the customer’s money and carbon emissions.

With decades of work behind the tech, Saving System’s chief executive Ahmed Alwakil says that launching new tech products requires “patience”.

This is the fourth of a five-part series on technology in Africa.

Reselling tickets for live events for profit is set to be banned by the Government.

Ministers are expected to announce the plan to tackle touts and resale sites which offer tickets at several times’ their face value.

The Labour manifesto promised stronger protections to stop consumers being scammed or priced out of events by touts, who frequently use bots to buy tickets in bulk the moment they go on sale, which they can then sell on for huge mark-ups on secondary ticketing websites.

A consultation on the changes had canvassed views on capping costs at up to 30% above the face value of a ticket.

But reports in the Guardian and Financial Times revealed ministers were expected to set the limit at the face value, although fees could still be charged on top of that price.

The Government declined to comment on the reports.

The move, which could be announced on Wednesday, follows a campaign by some of the biggest names in music to cut costs for fans.

Coldplay, Dua Lipa and Radiohead were last week among artists urging the Government to honour the pledge to cap resale prices.

The Cure’s Robert Smith, New Order, Mark Knopfler, Iron Maiden, PJ Harvey and Mercury Prize-winner Sam Fender joined them in signing a statement calling for a cap to “restore faith in the ticketing system” and “help democratise public access to the arts”.

Other signatories included the watchdog Which?, FanFair Alliance, O2, the Football Supporters’ Association and organisations representing the music and theatre industries, venues, managers and ticket retailers.

Rocio Concha, director of policy and advocacy at Which?, said: “This is great news for music and sports fans.

“A price cap set at the ticket’s original face value plus fees will rein in professional touts and put tickets back in the hands of real fans.

“For far too long, music and sports fans who missed out on tickets in the initial sales have been ripped off by touts on secondary ticketing sites and forced to pay over the odds to see their favourite artist perform or watch their team play.

“The Government must listen to our coalition of performers, fans, consumer groups and the UK music industry and show that the price cap is a priority by including the necessary legislation in the King’s Speech.”

Ticketmaster’s parent company Live Nation Entertainment backed the move.

In a statement the firm said: “Live Nation fully supports the UK Government’s plan to ban ticket resale above face value.

“Ticketmaster already limits all resale in the UK to face value prices and this is another major step forward for fans, cracking down on exploitative touting to help keep live events accessible. We encourage others around the world to adopt similar fan-first policies.”

But resale firm StubHub warned the move could fuel the black market in tickets.

A spokesman for StubHub International said: “The Government’s intention to implement a price cap on the resale of live event tickets will condemn fans to take risks to see their favourite live events.

“With a price cap on regulated marketplaces, ticket transactions will move to black markets.

“When a regulated market becomes a black market, only bad things happen for consumers. Fraud, fear and zero recourse.”