Sensex, Nifty Begin On A Strong Note As Easing Crude Prices Fuel Fresh Buying
Mumbai: Indian equity markets began Monday’s session on a positive note as softer crude oil prices and gains in realty and automobile stocks supported investor sentiment. At 9.20 am, the BSE Sensex advanced 411 points, or 0.55%, to 74,706. The NSE Nifty 50 rose 33 points, or 0.14%, to 23,379. However, the broader market remained under pressure. The Nifty Midcap 100 declined 0.19%, while the Nifty…
Indian equity markets kicked off Monday with a positive outlook, buoyed by a decrease in crude oil prices and strength in realty and automobile stocks, enhancing investor confidence. By 9:20 am, the BSE Sensex had climbed 411 points, or 0.55%, to 74,706. The NSE Nifty 50 mirrored this momentum, surging 33 points, or 0.14%, to reach 23,379.
However, the overall market faced certain constraints. Within the Nifty Smallcap 100 and Nifty Midcap 100, a decline of 0.19% and 0.04% respectively, hinted at a cautious trading approach beyond the leading stocks. On the NSE, sectoral indices displayed mixed results, with the Nifty Realty emerging as the top performer, climbing 1.04%, followed by the Nifty Auto index with a rise of 0.65%.
Meanwhile, IT and public-sector bank stocks showed moderate losses, somewhat dampening the overall gains in the Nifty. The fall in Brent crude oil prices below $102 per barrel, due to heightened activity in the Strait of Hormuz, brought some respite to Indian markets despite ongoing tensions in the Middle East and the Russia-Ukraine conflict.
Lower crude oil prices are beneficial for India as the nation relies heavily on imported oil. Nevertheless, US 10-year bond yields being near 5% pose a significant challenge for global equities.
Market analysts highlighted immediate support levels for the Nifty at 23,100-23,200 and resistance around 23,400-23,500. For the Bank Nifty, these levels were identified as 55,800-56,000 for support and 56,800-57,000 for resistance. In contrast, Asian markets started the day on a bullish note, with South Korea's Kospi rising 1.84% and Japan’s Nikkei gaining 1.38%.
Hong Kong's Hang Seng, China’s Shanghai Composite, and Shenzhen index also showed positive movement. On September 18, foreign institutional investors bought Indian equities worth ₹599 crore, while domestic institutional investors recorded net buying of ₹1,019 crore.
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