2 weeks ago
Indian stock benchmarks open flat as crude oil risks linger
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.
Sensex opened 145.56 points, or 0.19 per cent, higher at 78,111.91, while Nifty slipped 4.35 points, or 0.02 per cent, to 24,431.60.
Nifty Media rose 0.61 per cent and Nifty Auto gained 0.39 per cent, leading sectoral gains on Thursday.
Nifty Realty declined 0.81 per cent and Nifty IT fell 0.69 per cent, while PSU Bank, Oil & Gas and Private Bank indices shed up to 0.61 per cent.
Market experts expect a near-term consolidation phase, citing strong domestic macroeconomic fundamentals and sustained inflows from domestic investors.
Brent crude slipped more than 1 per cent to $87.75 a barrel and WTI fell 1.64 per cent to $81.90 per barrel, easing inflation concerns.
- Who
- Indian equity investors and market analysts trading on the Sensex and Nifty
- What
- Sensex and Nifty opened flat with mixed sectoral performance as investors weighed strong domestic fundamentals against crude oil price risks
- Where
- Indian stock markets, based in Mumbai
- When
- Thursday's morning trading session
- Why
- Investors balanced robust domestic macroeconomic indicators against concerns over elevated crude oil prices and their future trajectory
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









