Mumbai (Maharashtra) [India], July 21 (ANI): Indian benchmark indices opened on a flat note on Tuesday, with both the Sensex and Nifty starting the session with a gap-down, even as global crude oil prices eased slightly amid reports of mediation efforts between the United States and Iran.
At the time of reporting, Sensex was trading at 77,697.75, down 10.77 points or 0.01 per cent, while the Nifty was at 24,255.50, up 17 points or 0.07 per cent.
The Sensex opened at 77,649.63 against its previous close of 77,708.52. Similarly, the Nifty opened at 24,216.05 compared to its previous close of 24,238.50.
Most sectoral indices traded in the green during early trade, with Nifty Cement emerging as the top gainer, rising 1.10 per cent. Broad market indices also traded higher.
Among Sensex stocks, Tech Mahindra, ICICI Bank, Kotak Bank, SBI, Bharti Airtel, Tata Steel, Asian Paints, HCL Tech, TCS, Infosys, Larsen & Toubro and NTPC were among the top gainers, while Eternal, Axis Bank, Maruti, HDFC Bank and Trent were among the major losers.
Oil prices declined on Tuesday after renewed diplomatic efforts between the US and Iran eased concerns over further military escalation, despite fresh tensions in the region and threats by Yemen’s Houthi rebels to impose a naval blockade on Saudi Arabia.
Brent crude opened at USD 88.87 per barrel and was trading at around USD 88.56 per barrel at the time of reporting, down from its previous close of USD 89.22 per barrel. It touched an intraday high of USD 89.01 per barrel. WTI crude was trading at around USD 82.18 per barrel.
Meanwhile, the Indian rupee opened stronger at 96.41 against the US dollar compared with its previous close of 96.44.
Market and banking expert Ajay Bagga said, “Global risk sentiment remains cautious. Wall Street closed marginally lower overnight as sticky crude oil prices and rising U.S. Treasury yields offset a stabilization in tech and AI names. Asian markets are seeing mixed-to-positive trading this morning, while GIFT Nifty signals a negative opening for Indian equities.”
He added, “Brent crude trading near USD 89/bbl remains an immediate headwind for domestic macros (import bill, rupee pressure). However, resilient domestic institutional inflows (DIIs) continue to absorb Foreign Portfolio Investor (FPI) selling on dips.”
Commenting on the technical outlook, Ponmudi R, CEO of Enrich Money, said, “From a technical perspective, the 24,300-24,400 zone remains the immediate resistance, a band that gains added significance as it coincides with the 200-day Exponential Moving Average (EMA). A sustained breakout above this region would reinforce bullish momentum and could open the path towards the 24,500-24,600 zone.”
Market analyst Vipin Dixena said, “Nifty opened on a muted note today, with early trade shaped by weak global cues, elevated crude oil concerns, and ongoing geopolitical tension in West Asia. The opening was broadly in line with a cautious risk tone, so the market is likely to spend the first hour testing whether it can hold near the opening range.”
He further said, “Nifty has strong support at 24,200 and if the index hold it well in 1st hour, we can see a bounce back in nifty. Otherwise, a major profit booking will be there in market and nifty can reach 24,000.” (ANI)
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