Mumbai, September 23 (Udaipur Kiran) : The Indian stock market opened on a positive note on Tuesday, buoyed by a decline in crude oil prices. As of 9:20 AM, the Sensex rose by 260 points, or 0.36%, to reach 74,782, while the Nifty climbed 83 points, or 0.35%, to settle at 23,411.
The initial surge was supported by gains in metal and FMCG stocks, with Nifty Metal and Nifty FMCG emerging as the top performers. Other sectors, including Nifty PSU Bank, Nifty Financial Services, Nifty Commodities, Nifty Infrastructure, Nifty Realty, Nifty Private Bank, Nifty Consumer Durables, Nifty Services, and Nifty Auto, also showed positive momentum, while Nifty IT lagged behind in the red.
Midcap and small-cap stocks also experienced upward movement, with the Nifty Midcap 100 index rising by 188 points, or 0.29%, to 62,145, and the Nifty Smallcap 100 index gaining 119 points, or 0.60%, to reach 19,934.
Prominent gainers in the Sensex pack included Bajaj Finance, Bajaj Finserv, Tata Steel, Asian Paints, Ultratech Cement, L&T, Adani Ports, Kotak Mahindra Bank, Titan, HUL, Indigo, ITC, Axis Bank, Maruti Suzuki, and Bharti Airtel. Conversely, TCS, Infosys, Mahindra & Mahindra, HDFC Bank, Tech Mahindra, HCL Tech, ICICI Bank, and BEL were among the laggards.
Market experts noted that the market structure has shown signs of weakness recently, indicating a potential downtrend. To reverse this situation, significant triggers may be necessary. However, given the current macroeconomic conditions, particularly the high inflation rates in developed nations, the likelihood of such triggers appears low.
They further highlighted that domestic liquidity continues to support the broader market. Despite good growth prospects, many midcap and small-cap companies have seen their valuations rise significantly.
The recent decline in crude oil prices can be attributed to easing tensions in the Middle East, with benchmark Brent crude now priced at $98.21 per barrel.
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