Sensex Opens Up 329 Points at 72,801 as Easing Crude Lifts Sentiment

Sensex rises 329 points, Nifty gains 0.5 pc at open as easing crude supports sentiment

Mumbai, October 12

The Sensex opened at 72,771.32, up 298.99 points from Friday's close of 72,472.33, while the Nifty 50 opened at 22,593.20, up 72.75 points from its previous close of 22,520.45.

Easing crude oil prices supported investor sentiment, although persistent foreign investor selling and elevated global bond yields continued to pose risks.

At the time of reporting, Brent crude was trading at USD 103.12 a barrel, down 1.53 per cent.

Market analyst Vipin Dixena said the market was at a crucial juncture following Friday's recovery, with investors looking for further buying to sustain the rebound.

"In my view, the Indian market is at a crucial juncture. After Friday's 1.30% recovery in Nifty, investors are looking for follow-through buying, supported by easing crude prices and the RBI's latest measures to stabilise the rupee," he said.

However, Dixena cautioned that the broader market structure remained fragile and that one positive session was insufficient to confirm a trend reversal. He identified persistent foreign institutional investor (FII) selling as the biggest concern.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said external pressures continued to outweigh domestic positives.

"The market is going through a stage wherein external headwinds are dominating the domestic tailwinds. Elevated crude prices and high US bond yields will continue to impact the market," he said, adding that FIIs were likely to continue selling in the near term, while domestic institutional investors would absorb the selling.

Vijayakumar said the correction had made valuations fair and, in several segments, attractive. He cited the projected GDP growth of 7.1 per cent for FY27 and improving corporate profitability as sources of fundamental support. A sharp decline in crude prices following favourable developments in the Middle East could trigger a significant rally, he added.

On the technical outlook, Hemang Gor, Senior Research Analyst at Axis Direct, said the Nifty had closed Friday at 22,520, recovering 1.30 per cent, or 289 points, from Thursday's intraday 52-week low. The Nifty IT index had gained around 3 per cent, while FMCG rose 2.2 per cent.

Gor said the Nifty's undertone would remain fragile below 22,580, with resistance levels at 22,800 and 22,900. Immediate support stood at 22,300, and a break below it could expose 22,150.

Among sectoral indices, Nifty Auto rose 0.93 per cent, Nifty Realty gained 0.81 per cent, Nifty Metal advanced 0.66 per cent and Nifty IT climbed 0.64 per cent. Nifty PSU Bank slipped 0.01 per cent.

Among Nifty 50 stocks, Bajaj Auto led the gainers, rising 1.77 per cent, followed by HCL Technologies, up 1.26 per cent, and Bharat Electronics, which gained 1.24 per cent. Jio Financial Services and IndiGo also advanced.

On the losing side, Tech Mahindra fell 2.15 per cent, followed by ITC, down 0.34 per cent, while SBI, Axis Bank and Bharti Airtel each declined 0.09 per cent.

Asian markets were mixed, with South Korea's Kospi falling 2.87 per cent, Taiwan Weighted declining 0.30 per cent and Singapore's Straits Times rising 0.43 per cent. Japan's Nikkei 225 was closed for Sports Day.

— ANI