Sensex, Nifty Open Flat As Mixed Global Cues Weigh On Investor Sentiment

Sensex and Nifty indices opened nearly flat on Monday, tracking mixed global cues and building on last week’s gains.

The BSE Sensex opened at 74,849.30, rising 120.03 points or 0.16 per cent. The NSE Nifty 50 started trading at 23,150.85, gaining 4.70 points or 0.02 per cent.

Sectoral performance remained mixed. The Nifty PSU Bank index led gains, climbing more than 1 per cent. The Nifty Oil and Gas index followed with a 0.6 per cent rise.

However, the Nifty Private Bank, Nifty IT and Nifty Chemicals indices declined by up to 1 per cent.

Market experts said last week’s 2.8 per cent rally in the Nifty and strong banking results could support domestic equities. Better-than-expected IT earnings had further strengthened sentiment.

However, rising geopolitical tensions around the Strait of Hormuz and elevated crude prices remained key risks. Brent crude had climbed to around $109 per barrel earlier, raising concerns about market volatility.

Experts said attractive large-cap valuations and a stronger rupee had improved foreign institutional investor (FII) sentiment.

However, sustained high crude prices could weaken this trend. They expect large-cap stocks to outperform mid-cap and small-cap shares, with company-specific movements driven by second-quarter earnings.

Experts placed immediate Nifty support at 22,950–23,000 and resistance at 23,250–23,300. The relative strength index (RSI) stood at 52.81, above its average of 34.70. The put-call ratio (PCR) reached 1.08.

On October 16, FIIs bought equities worth around ₹1,166 crore, ending 15 consecutive sessions of net selling. Domestic institutional investors (DIIs) sold approximately ₹3,661 crore, ending their 45-session buying streak.

In commodities, Brent crude fell nearly 2 per cent to $107.76 per barrel, while US West Texas Intermediate (WTI) declined about 1 per cent to $100.43.

Asian markets traded mixed. Japan’s Nikkei fell 0.84 per cent, while Hong Kong’s Hang Seng and South Korea’s KOSPI gained up to 0.83 per cent. Indonesia’s Jakarta Composite dropped more than 5 per cent.

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