Mumbai, Sep 23: Indian equity markets opened on a mildly positive note on Wednesday, supported by a decline in crude oil prices below the $100-per-barrel mark and hopes of easing global tensions. Investors are also closely watching developments ahead of the proposed talks between US President Donald Trump and Chinese President Xi Jinping.
At around 9.20 am, the Sensex was up 194 points, or 0.26 per cent, at 74,732, while the Nifty gained 49 points, or 0.21 per cent, to trade at 23,378.
The broader market also remained firm. The Nifty Midcap 100 rose 0.33 per cent, while the Nifty Smallcap 100 advanced 0.60 per cent, indicating continued buying interest beyond the benchmark indices.
Most sectoral indices on the NSE traded in positive territory. Nifty Metal emerged as the leading gainer, rising 1.06 per cent, followed by FMCG at 0.55 per cent and PSU Bank at 0.50 per cent. The Nifty IT index declined 0.37 per cent, making it the only major sectoral index in the red at the time.
Market sentiment remained sensitive to global developments, particularly movements in crude oil prices and US bond yields. Analysts noted that the recent market structure has remained weak with a downward bias, while a significant decline in crude prices or US bond yields could provide fresh support.
Domestic institutional liquidity, meanwhile, continued to cushion the broader market. Analysts also pointed to strong growth prospects in several mid- and small-cap companies, although valuations in these segments have risen considerably.
Global markets offered mixed signals. Asian equities were largely positive, helped by technology stocks, while US markets remained close to record levels amid renewed optimism around artificial intelligence-related companies.
In the previous trading session, the Nifty closed at 23,329, down 0.43 per cent, after opening at 23,454. The index has immediate support in the 23,150–23,200 range, while 23,450–23,500 remains a key resistance zone.
The Bank Nifty ended the previous session at 56,215, down 0.49 per cent. Its immediate support is placed at 55,800–56,000, with resistance seen around 56,500–56,600.
Among Asian markets, Japan’s Nikkei gained 1.38 per cent, while South Korea’s Kospi rose 0.08 per cent. China’s Shanghai Composite declined 0.34 per cent, Shenzhen fell 0.57 per cent and Hong Kong’s Hang Seng slipped 0.78 per cent.
Overnight in the US, the Nasdaq gained 0.45 per cent, while the S&P 500 remained largely unchanged. The Dow Jones declined 0.36 per cent.
Foreign institutional investors remained net sellers in the Indian market on September 22, offloading equities worth Rs 3,800 crore. Domestic institutional investors, however, remained buyers, investing Rs 4,120 crore during the session.
With crude prices easing and domestic institutional buying providing support, market participants are likely to track global trade developments, bond yields, foreign fund flows and movements in key sectors for further direction.
