Sensex, Nifty Open Flat Today: PSU Banks Gain, IT Slips

What Is Supporting the Market

Market experts said the Nifty’s 2.8 per cent jump last week, good results from major banks and better-than-expected IT earnings could keep the market steady.

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Sensex, Nifty Open Flat Today: PSU Banks Gain, IT Slips

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They added that attractive large-cap valuations and a stronger rupee have made foreign investors slightly more positive. Large-caps are likely to keep outperforming mid and small-caps, with stock-specific moves based on Q2 results.

The Big Worry: Crude Oil

Experts flagged rising tensions in the Strait of Hormuz and Brent crude’s jump to $109 as a strong headwind. On Monday, Brent traded nearly 2 per cent lower at around $107.76 per barrel, while US WTI fell about 1 per cent to $100.43.

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The Hormuz route has been under pressure since the US-Israel strike on Iran in late February, which led Iran to effectively shut the strait. For India, which imports most of its crude oil, high prices can push up fuel costs, inflation and the import bill. Experts said this is also why the recent FII buying may not last if crude stays high.

FIIs Return, DIIs Take a Break

In a notable shift on October 16, FIIs turned net buyers after 15 straight sessions of selling, purchasing equities worth about Rs 1,166 crore. Meanwhile, DIIs ended a 45-session buying streak with net sales of around Rs 3,661 crore.

Key Nifty Levels

According to experts, immediate support for the Nifty is at 22,950–23,000, and resistance is at 23,250–23,300. The RSI strengthened to 52.81, above its average of 34.70, while the put-call ratio (PCR) stood at 1.08.

Global Markets

Asian markets were mixed. Japan’s Nikkei fell 0.84 per cent, while Hong Kong’s Hang Seng and South Korea’s KOSPI rose up to 0.83 per cent. Indonesia’s Jakarta Composite dropped over 5 per cent.

Why It Matters

Monday’s cautious opening shows that while earnings and FII interest are supporting the market, crude oil remains the deciding factor. Any easing in Hormuz tensions could boost sentiment, while further escalation could quickly reverse recent gains.

What Comes Next

Investors will track Q2 results, crude oil prices, FII flows and developments in West Asia through the week.

With inputs from IANS.