24 August,2026 10:21 AM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
The domestic benchmark equity indices on Monday were trading flat in the positive territory during early trade, amid slight easing in global crude oil prices due to persistent geopolitical uncertainties between US and Iran, and Russia and Ukraine.
The 30-share BSE Sensex climbed 114.73 points or 0.15 per cent at 77,655.56 in the initial trade. The 50-share NSE Nifty was up 34.25 points or 0.14 per cent at 24,303.85 in the early trade.
On Friday, the Sensex gained just 3.11 points to end at 77,540.83, while the Nifty advanced 20.15 points, or 0.08 per cent, at 24,252.
During last week, the Sensex declined 468.42 points or 0.60 per cent, while the Nifty slipped 114 points or 0.47 per cent, due to the elevated crude oil prices.
Among the Sensex constituents, IT stocks were the major gainers in the early trade, with Infosys, HCL Tech, Tata Consultancy Services (TCS) and Tech Mahindra all trading higher. Tata Steel and HDFC bank were also among the winners during the initial trade. Asian Paints, Titan, Power Grid, Bharat Electronics, Adani Ports were among the laggards.
"Investors should look beyond the Nifty to the broader market where there is hectic activity happening. Companies reporting good results and good forward guidance are being bought by investors, retail as well as institutions, even at high valuations. Since there is no significant floating stocks in most of these stocks in the broader market, the rally is sharp. Segments like contract development and manufacturing organization (CDMO), healthcare, precision engineering and power infrastructure are attracting investors. However, investors should not rush in to buy at any prices. Valuation is important," V K Vijayakumar, Chief Investment Strategist, Geojit Investments advised.
According to news agency PTI, Brent crude, the global oil benchmark, traded 1.32 per cent lower at USD 93.14 per barrel, while Foreign Institutional Investors (FII) offloaded equities worth Rs 542.71 crore on a net basis on Friday.
"In the near-term the market is likely to move within the Nifty range of 24,200-24,600. There are fundamental triggers far a rally coming particularly from the resilient economy and improving earnings growth. But a breakout beyond 24600 is unlikely since there are headwinds like elevated crude oil prices ( Brent around USD 93) and escalating geopolitical tensions associated with West Asian crisis and the Russia-Ukraine war. In this context any rally will be met with increased selling at higher levels," Vijayakumar said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading lower.
"Asian markets opened on a softer note, with the Nikkei down 0.2 per cent and the Kospi declining 1.5 per cent. The key positive for Indian equities is the recent moderation in crude prices. Brent crude has eased around 3 per cent to USD 91.4 a barrel, retreating from its two-week run towards USD 95, offering some relief to an oil-importing economy like India. Gold remains elevated near USD 4,680, reflecting persistent fiscal and geopolitical concerns," Rajesh Palviya, Head of Research, Axis Direct said.
"Any renewed spike in crude oil prices remains the key risk to the market outlook," he added.
(With inputs from PTI)
