Indian Shares Open Higher as Crude Prices Ease, Investors Track Global Risks
Sensex and Nifty gained in early trade on September 21, while falling crude prices offered some relief to markets following a prolonged period of weakness.
MUMBAI, Sept 21: Indian equity markets opened higher on Monday as investors returned to buying after a prolonged decline, while easing crude oil prices provided some support to sentiment. The Sensex gained around 400 points in morning trading, while the Nifty 50 moved above the 23,350 level. Reuters
The market remained cautious, however, with investors monitoring developments in global energy markets and geopolitical tensions. Brent crude fell about 2.1% to $101.70 a barrel, easing some immediate pressure on oil-importing economies such as India. Reuters
Shares of major companies including HDFC Bank, ICICI Bank and Reliance Industries edged higher during the session. Welspun Corp also gained after its subsidiary secured a $209 million order from Saudi Aramco, while Refex Industries advanced following a $16.7 million order. Reuters
Investors were also watching the conclusion of the $2.3 billion National Stock Exchange IPO, along with foreign fund flows and movements in global bond yields.
