Falling Crude Brings Relief To Indian Equities, Sensex And Nifty End Slightly Higher As Oil Breaks $100

Mumbai: Share prices in India experienced a slight uptick on Wednesday, as crude oil prices fell below $100 per barrel, alleviating worries about inflation and the country's import costs. At the opening bell, the BSE Sensex climbed 194 points, or 0.26 percent, to 74,732. The NSE Nifty 50 also increased by 49 points, or 0.21 percent, reaching 23,378. Other market indices followed suit, with the Nifty Midcap 100 up by 0.33 percent and the Nifty Smallcap 100 gaining 0.60 percent.

Among the sectors, metal stocks led the gains, with the Nifty Metal soaring 1.06 percent, while Nifty FMCG and Nifty PSU Bank rose by 0.55 percent and 0.50 percent, respectively. However, the Nifty IT sector was the only major loser, shedding 0.37 percent, despite a resurgence of interest in artificial intelligence boosting global technology shares. Analysts attributed the positive performance of mid-cap and small-cap stocks to domestic liquidity, though heightened valuations could potentially amplify risks.

Despite the overall market rally, the Nifty ended the previous day 0.43 percent lower at 23,329 after opening at 23,454. The immediate support level is estimated to be between 23,150 and 23,200, while resistance is anticipated at 23,450 to 23,500. The Bank Nifty closed 0.49 percent lower at 56,215, with support at 55,800 to 56,000 and resistance at 56,500 to 56,600.

Global markets presented a mixed picture, with Japan's Nikkei index up 1.38 percent, while Hong Kong and mainland Chinese indices fell. Overnight, the Nasdaq gained 0.45 percent, the S&P 500 closed flat, and the Dow Jones slipped by 0.36 percent. On September 22, foreign institutional investors sold equities worth ₹3,800 crore, while domestic institutional investors bought shares amounting to ₹4,120 crore.