Sensex, Nifty Open Marginally Higher On Softer Crude Prices

Indian equity markets opened slightly higher on Tuesday, supported by positive global cues and a correction in crude oil prices.

The Sensex gained 64 points, or 0.10 per cent, to reach 74,914, while the Nifty rose 34 points, or 0.15 per cent, to 23,449 as of 9.20 am.

Broader markets outperformed the benchmark indices, with the Nifty Midcap 100 rising 0.33 per cent and the Nifty Smallcap 100 advancing 0.40 per cent.

Most sectoral indices on the NSE traded in positive territory. Nifty Realty led the gains at 1 per cent, followed by chemicals at 0.64 per cent. Nifty IT fell 1.09 per cent, while FMCG declined marginally by 0.01 per cent.

WTI crude traded around $92-$93 a barrel, while a stronger rupee provided additional support to the broader macroeconomic outlook. Global risk sentiment also improved as US equities ended higher and most Asian markets traded in positive territory.

In the previous session, the Nifty gained 0.29 per cent to close at 23,414. Analysts placed immediate support at 23,250-23,300 and resistance at 23,550-23,600. Bank Nifty closed 0.20 per cent higher at 56,470, with support at 56,000-56,300 and resistance at 56,800-57,000.

Asian markets also advanced, with Japan’s Nikkei rising 1.38 per cent, South Korea’s Kospi 1.89 per cent, China’s Shenzhen 0.62 per cent and Shanghai 0.22 per cent. Hong Kong’s Hang Seng gained 0.41 per cent.

Overnight, the Nasdaq jumped 2.26 per cent, while the S&P 500 rose 1.49 per cent and the Dow Jones gained 0.71 per cent.

On September 21, foreign institutional investors sold equities worth ₹576 crore, while domestic institutional investors bought shares worth ₹2,800 crore.

Also Read: Sensex Gains 564 Points; Nifty Ends Above 23,400 As Oil Prices Ease