Sensex, Nifty Open Higher On Realty Stocks; Falling Crude Prices

Indian equity markets opened higher on Monday, supported by gains in realty stocks and a correction in crude oil prices. At 9.20 AM, the Sensex gained 411 points, or 0.55 per cent, to trade at 74,706, while the Nifty rose 33 points, or 0.14 per cent, to reach 23,379.

The broader market remained mixed, with the Nifty Midcap 100 declining 0.19 per cent and the Nifty Smallcap 100 falling 0.04 per cent.

Sectoral indices on the NSE also traded with a mixed trend, as Nifty IT and PSU banks posted moderate losses.

Nifty Realty emerged as the top gainer, rising 1.04 per cent, followed by the auto index, which gained 0.65 per cent.

Brent crude prices fell below $102 despite escalating conflicts in the Middle East and the ongoing Russia-Ukraine war.

The decline came amid increased oil flows through the Strait of Hormuz, offering some relief to equity markets.

An analyst said US 10-year bond yields hovering around 5 per cent remained a concern for equity markets.

However, markets continued to hold firm, supported by economic growth in developed economies and expectations of strong corporate earnings. Similar trends were visible in India, the analyst added.

Global markets remained mixed, with Asian equities gaining on strength in technology stocks, while easing crude prices provided additional support.

Nifty rose 0.33% in the previous session, with support at 23,100–23,200 and resistance at 23,400–23,500.

Bank Nifty gained 0.54% to 56,358.70, with support at 55,800–56,000 and resistance at 56,800–57,000.

Asian markets gained, while US markets ended mixed. On September 18, FIIs bought ₹599 crore and DIIs ₹1,019 crore.

Also Read: Balaji Wafers Success Story: How A Homegrown Brand Challenged Lays In India