India’s leading equity indices began Tuesday’s session with limited movement as rising international crude prices affected investor sentiment.
Buying interest in technology and consumer-oriented companies helped cushion losses in financial and banking stocks.
The BSE Sensex slipped 32.67 points, equivalent to 0.04 per cent, to open at 78,509.77. The NSE Nifty also started 8.70 points lower, or 0.04 per cent, at 24,575.10.
Technology-related counters witnessed buying interest during the initial trading hours.
Nifty MidSmall IT & Telecom climbed 0.73 per cent, while the Consumer Durables index advanced 0.66 per cent.
The Nifty IT index added 0.63 per cent, with real estate, automobile and pharmaceutical stocks also recording gains in early dealings.
Financial stocks moved in the opposite direction, limiting the broader market’s upward potential.
The Nifty Private Bank index dropped 0.64 per cent, while the Nifty PSU Bank index declined 0.62 per cent.
Market experts noted that foreign institutional investors have started showing greater buying interest following stronger-than-anticipated first-quarter results and currency stability.
Analysts expect solid domestic consumption to remain an important driver of corporate earnings during FY27.
Increased FCNR (B) inflows could also lend support to the rupee and potentially encourage further foreign investment in Indian equities.
Technical analysts have placed immediate support for the Nifty around 24,400-24,450, with resistance seen between 24,750 and 24,800.
Holding above the support range could preserve the index’s sideways-to-positive trend.
A sustained move beyond the 24,750-24,800 resistance band could strengthen buying momentum and offer the market a clearer upward direction.
Brent crude, the global oil benchmark, climbed 0.41 per cent to $88.08 a barrel. West Texas Intermediate crude also advanced 0.47 per cent to $82.52 a barrel.
Asian markets delivered mixed signals in early trading, with Japan’s Nikkei rising nearly 2 per cent and South Korea’s KOSPI gaining more than 1 per cent. Hong Kong’s Hang Seng, meanwhile, fell 0.6 per cent.
US markets closed marginally lower on Monday, as the S&P 500 slipped 0.06 per cent and the Nasdaq declined 0.32 per cent.
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