Home / Business and Economy / Sensex Soars 400 Points on Cooling Crude
Sensex Soars 400 Points on Cooling Crude
21 Sep
Summary
- Indian benchmark indices opened higher, with Sensex gaining over 400 points.
- Easing crude oil prices to $101 per barrel supported market sentiment.
- Nifty faces a technical hurdle at 23,400, with potential upside to 23,600.
Indian benchmark equity indices commenced Monday's trading session on an upward trajectory, with the Sensex registering a gain of over 400 points and the Nifty maintaining levels above 23,360. The market sentiment was bolstered by a cooling trend in crude oil prices, which declined for the fourth consecutive session. Brent crude traded around $101 per barrel, influenced by expectations of US-Iran dialogue at the UN and improved maritime transit.
The broader market presented a mixed picture, with the Nifty Realty sector showing gains exceeding 1%, while IT, media, and metal stocks traded lower. On the BSE, prominent gainers included UltraTech and IndiGo, while Adani Ports and Bharti Airtel were among the laggards. Market analysts highlighted the cooling crude prices as a key positive trigger, noting the market's resilience amidst geopolitical uncertainties.
Technically, the Nifty faces an immediate hurdle at 23,400. A sustained break above this level could propel the index towards 23,500-23,600. Conversely, 23,200 serves as the initial support, with a stronger zone identified between 23,100 and 23,070. Until a decisive reclaim of the 23,400-23,600 range, the market structure is considered to be in a recovery attempt rather than a confirmed reversal.
