Sensex, Nifty recover in early trade as oil eases and IT shares gain
Indian benchmark indices opened higher on Wednesday after two sessions of losses, supported by softer crude oil prices and buying in major information technology stocks. The Sensex gained 190 points and the Nifty rose 22 points, although foreign investor selling and uncertainty over the U.S.-Iran conflict remained concerns.
India’s benchmark equity indices recovered in early trading on Wednesday, September 30, after declining for the previous two sessions. The rebound came as crude oil prices eased and investors bought shares of several large information technology companies. The 30-share BSE Sensex rose 190 points to 72,733.04 in early trade.
The broader 50-share NSE Nifty added 22 points to reach 22,735.20. Tata Consultancy Services, Tech Mahindra and HCL Technologies were among the leading gainers on the Sensex. InterGlobe Aviation, ICICI Bank and Trent also advanced.
Adani Ports, HDFC Bank, Sun Pharmaceutical Industries and NTPC were among the stocks trading lower. Ponmudi R., chief executive of online trading and wealth-management firm Enrich Money, said Indian equities could receive some relief at the open as lower crude oil prices reduced one of the pressures affecting domestic markets in recent sessions. He added that the oil-price move was taking place amid continuing uncertainty about the U.S.-Iran conflict and the outlook for energy supplies in the region.
Brent crude, the global benchmark, was trading 0.68% higher at $103.3 a barrel. Asian markets were mixed: South Korea’s KOSPI and Hong Kong’s Hang Seng index were lower, while Shanghai’s SSE Composite and Japan’s Nikkei 225 were marginally higher. U.S.
markets ended Tuesday lower. Foreign Institutional Investors sold equities worth ₹9,980.22 crore on Tuesday, according to exchange data, indicating continued pressure from overseas investors. The Sensex had fallen 242.65 points, or 0.33%, to close at 72,529.07, while the Nifty declined 64.05 points, or 0.28%, to settle at 22,716.20.
Wednesday’s early gains therefore marked a partial recovery, with market direction still influenced by oil prices, global cues and foreign fund flows.
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