1 week ago
Sensex, Nifty Rise as Crude Oil Prices Fall
Indian stock markets finished higher on Tuesday.
The Sensex and Nifty had fallen earlier in the day but recovered near closing time.
Investors bought shares in some large companies.
Oil prices fell by more than 3%, which helped calm investors.
Lower oil prices can reduce worries about energy costs.
Some companies, including Infosys and InterGlobe Aviation, gained.
Other shares, including Eternal and HCL Technologies, fell.
Analysts said investors may remain careful because of tensions involving the United States and Iran.
They are also watching upcoming US inflation data and comments from the Federal Reserve chair.
The Sensex gained 286.98 points, or 0.37%, to close at 77,656.09.
The Nifty 50 rose 115.50 points, or 0.48%, to settle at 24,334.55.
Fag-end buying and a more than 3% fall in Brent crude supported sentiment.
InterGlobe Aviation, Adani Ports, Infosys, Trent, Titan and State Bank of India were among the Sensex gainers.
Eternal, HCL Technologies, Power Grid and Bajaj Finserv were among the major laggards.
- Who
- Indian stock-market investors, companies listed on the Bombay Stock Exchange and National Stock Exchange, and market analysts including Vinod Nair and Vikram Kasat.
- What
- The Sensex and Nifty 50 recovered from intraday losses and closed higher.
- Where
- Indian stock markets; Brent crude was trading in global markets.
- When
- Tuesday, 25 August, on the monthly expiry day.
- Why
- Late-session buying and a decline in crude oil prices improved investor sentiment, although geopolitical and interest-rate concerns remained.
Cautious Outlook
Positive Outlook
Near-term market direction
Cautious Outlook
Vinod Nair said unresolved US-Iran tensions could keep oil prices and long-dated bond yields elevated, while Ajit Mishra warned that a break below the Nifty's 24,100-24,000 zone could extend the correction.
Positive Outlook
Vikram Kasat said the Nifty's recovery near 24,300 showed resilience, while a sustained move above 24,300 could strengthen sentiment.
Technical levels
Cautious Outlook
Sudeep Shah identified 24,200-24,170 as immediate support and said a break below 24,170 could pull the index toward 24,050.
Positive Outlook
Sudeep Shah said 24,480-24,500 was immediate resistance and that a sustained move above 24,500 could lead to further gains toward 24,650.
Key facts
- Sensex close
- 77,656.09, up 286.98 points or 0.37%
- Nifty 50 close
- 24,334.55, up 115.50 points or 0.48%
- Brent crude
- Down more than 3% to about USD 89 per barrel; one report cited USD 89.32
- Market driver
- Fag-end buying and lower crude oil prices
- Midcap performance
- Nifty Midcap 150 rose 0.45%
- Small-cap performance
- Nifty Smallcap 250 fell 0.15%
- Foreign investor activity
- Foreign Institutional Investors bought equities worth Rs 1,181.66 crore on Monday
Quotes
Ajit Mishra
Senior Vice President of Research at Religare Broking
“A decisive break below the 24100-24000 zone could extend the correction towards the 23,650–23,800 zone. On the upside, the 24,400 region is expected to act as the immediate resistance on rebound. Given the rising geopolitical risks and persistent volatility, we continue to advocate a stock-specific approach while maintaining disciplined risk and position management.”
livemint.com
“The much-anticipated U.S. sanctions against Iran fell short of market expectations, causing crude oil prices and bond yields to moderate from their recent peaks. This relief in energy costs aided a moderately positive close today on the monthly expiry day.”
telegraphindia.com
livemint.com
Sources
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