2 weeks ago

Indian stock benchmarks open flat as crude oil risks linger

Indian stock benchmarks open flat as crude oil risks linger
Sensex, Nifty open flat as investors weigh strong domestic fundamentals against oil price risks · thehansindia.com

A stock market is like a big shop where people buy and sell tiny pieces of companies.

On Thursday, India's two most famous market lists, called the Sensex and the Nifty, started the day almost exactly where they ended the day before.

The Sensex went up just a little bit, while the Nifty went down a little bit.

Some types of companies did better than others.

Media and car companies gained a little, but real estate and technology companies lost a little.

Market experts say the market is taking a break and holding steady for now.

They see good signs in the Indian economy, like strong tax collections, more goods being moved, and more car sales.

However, the high price of oil worries investors, because expensive oil can raise costs for businesses.

On the same day, oil prices actually dropped slightly, which helped calm some of those worries.

Key facts

Sensex opening
78,111.91 (+145.56 points, +0.19%)
Nifty opening
24,431.60 (-4.35 points, -0.02%)
Top gaining sector
Nifty Media (+0.61%)
Top declining sector
Nifty Realty (-0.81%)
Brent crude price
$87.75 per barrel, down more than 1%
WTI crude price
$81.90 per barrel, down 1.64%
Market outlook
Consolidation phase expected in the near term
Nifty technical target
24,540-24,666 zone initially, followed by 24,850-25,100

Quotes

Technical analysts

Chart analysts

“"The recent price action has opened the possibility of a move towards the 24,540-24,666 zone initially, followed by 24,850-25,100. However, some consolidation may emerge near 24,490."”
thehansindia.com
“"Equities are likely to remain in a consolidation phase in the near term due to strong domestic macroeconomic fundamentals and sustained inflows from domestic investors."”
thehansindia.com

Sources

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