Sensex Rises 329 Points at Open as Easing Crude Supports Indian Markets

Indian equity benchmarks opened higher on Monday. The Sensex rose 329.31 points, or 0.45 percent, to 72,801.64. The Nifty 50 gained 113.30 points, or 0.50 percent, to 22,633.75. The Sensex opened at 72,771.32, up from Friday’s close of 72,472.33. The Nifty opened at 22,593.20.

Easing crude oil prices supported sentiment. Brent crude traded around USD 103.12 a barrel, down 1.53 percent at the time of the open. Lower energy costs reduce input pressure for a range of Indian companies and can improve the trade balance. Persistent foreign investor selling and elevated global bond yields continued to pose risks, according to market analysts.

Among Nifty 50 stocks, Bajaj Auto led the gainers, rising 1.77 percent. HCL Technologies advanced 1.26 percent and Bharat Electronics gained 1.24 percent. Jio Financial Services and IndiGo also moved higher. Nifty PSU Bank was nearly flat. The broader market showed a positive bias at the open, with buying interest in auto, technology and select industrial names.

Analysts noted that the market sits at a juncture after Friday’s recovery. Further buying will be needed to sustain the rebound. The movement in crude has been the most immediate external support. Domestic flows and the ongoing results season will determine whether the early gains hold through the session. Foreign portfolio investors have remained net sellers in recent sessions, which has limited upside on previous days.

The open reflected a clear response to the overnight decline in oil. Whether that support continues depends on further moves in energy markets and on the trajectory of US yields. For the moment, the indices have started the week on a firmer footing than Friday’s close.