Sensex, Nifty Open Higher as Crude Slips 2%; Metals Lead Gains
Sensex opens up 88 points, Nifty crosses 24,285 as crude oil falls up to 2%. Metal, media stocks lead; investors eye US sanctions on Iran and Fed symposium.
Key Highlights:
- Nifty opened at 24,285.05 (+33.05 points, +0.14%) and Sensex at 77,629.56 (+88.73 points, +0.11%) after two straight weeks of losses.
- Crude oil prices slipped up to 2%, with Brent around $92 a barrel and US WTI dropping below $85 — a key tailwind for Indian equities.
- Nifty Metal led sectoral gains (nearly +1%), followed by Media (+0.72%), Oil & Gas (+0.59%) and IT (+0.4%); Healthcare, Pharma, FMCG, realty in the red.
- DIIs bought equities worth Rs 2,124 crore on Aug 21, extending a nine-session buying streak; FIIs remained net sellers at Rs 543 crore.
- Analysts see Nifty range-bound between 24,200-24,600; volatility likely to rise ahead of Tuesday's F&O expiry, Nvidia earnings and the Fed symposium.
Domestic equity markets opened Monday's session on a green note, snapping the gloom of two consecutive weekly losses. The Nifty started at 24,285.05, up 33.05 points or 0.14 per cent, while the Sensex opened at 77,629.56, higher by 88.73 points or 0.11 per cent. The trigger: a sharp cool-off in crude oil prices that offered some breathing room to import-dependent India — even as investors kept one eye firmly on the geopolitical calendar.
Metals Lead, Defensives Drag
Sectoral action was decisively tilted towards cyclicals and commodity-linked plays in early trade. The Nifty Metal index led the charge with gains of nearly 1 per cent, followed by Nifty Media (+0.72 per cent), Nifty Oil & Gas (+0.59 per cent) and Nifty IT (+0.4 per cent). Auto, private banks and financial services indices also traded in positive territory. On the other side, defensives took a hit — Nifty Healthcare and Nifty Pharma each slipped 0.5 per cent, while consumer durables, realty and FMCG counters slid into the red.
