6 days ago
Indian Stocks Edge Higher as Crude Prices Ease
Indian stock markets moved up a little on Thursday morning.
The Sensex and Nifty, which track large companies, both gained.
Oil became slightly cheaper after Iran discussed a possible Strait of Hormuz agreement with Oman.
Cheaper oil can reduce concerns about supply problems and support Indian companies.
Most Indian market sectors rose, but media stocks did not.
Technology stocks performed best among the sectors mentioned.
Investors remained careful because of inflation, bond yields and geopolitical events.
Markets in Asia and the United States had mixed results.
Sensex rose 81 points, or 0.10%, to 77,553, while Nifty gained 37 points, or 0.16%, to 24,425 at 9:18 a.m. Thursday.
Nifty Midcap 100 advanced 0.31% and Nifty Smallcap 100 increased 0.24%.
All NSE sectoral indices traded higher except Nifty Media, while Nifty IT led gains at 0.42%.
Brent crude fell 0.6% to $87.30 a barrel after Iran reported discussions with Oman over a Strait of Hormuz-related agreement.
Foreign institutional investors bought equities worth Rs 502 crore and domestic institutional investors bought Rs 6,425 crore on August 26.
- Who
- Indian equity-market investors, foreign and domestic institutional investors, and market participants.
- What
- The Sensex and Nifty posted mild gains as crude oil prices eased.
- Where
- Indian equity markets in Mumbai and on the National Stock Exchange.
- When
- Early Thursday; the reported institutional trading data was from August 26.
- Why
- Oil prices declined amid reported Iran-Oman discussions concerning the Strait of Hormuz, easing concerns about prolonged supply disruptions.
Key facts
- Sensex
- 77,553, up 81 points or 0.10% at 9:18 a.m.
- Nifty
- 24,425, up 37 points or 0.16% at 9:18 a.m.
- Brent crude
- $87.30 per barrel, down 0.6%.
- Top sectoral gainer
- Nifty IT, up 0.42%.
- Market support
- Immediate Nifty support was identified at 24,000–24,050.
- Market hurdle
- The 24,350–24,400 zone was identified as an upside hurdle.
- Institutional flows
- FIIs net bought Rs 502 crore and DIIs bought Rs 6,425 crore on August 26.
Quotes
An analyst
Market analyst commenting on the near-term outlook for Indian equities
“The near-term bias remains cautious and range-bound, with mixed Asian markets and subdued global cues keeping investors watchful. The focus remains on inflation, bond yields and ongoing geopolitical developments, while easing crude prices could provide some support to Indian equities.”
thehansindia.com
Sources
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