Sensex rises 190 points in early trade after two days of losses

Indian benchmark equity indices Sensex and Nifty rebounded in early trade on Wednesday, September 30, after two consecutive sessions of losses, helped by easing crude oil prices and buying in blue-chip IT stocks.

The 30-share BSE Sensex gained 190 points to 72,733.04 in early trade, while the 50-share NSE Nifty rose 22 points to 22,735.20.

IT Stocks Lead Gains

Among the 30 Sensex constituents, Tata Consultancy Services, Tech Mahindra, HCL Technologies, InterGlobe Aviation, ICICI Bank and Trent were among the major gainers.

Adani Ports, HDFC Bank, Sun Pharma and NTPC were among the stocks trading lower.

Brent crude, the global oil benchmark, was trading 0.68% higher at $103.30 per barrel.

“Indian equities are likely to find some relief at the open as a sharp pullback in crude oil prices eases one of the key pressures that has weighed on domestic markets in recent sessions,” said Ponmudi R., CEO of Enrich Money, an online trading and wealth-tech firm.

However, he noted that the moderation in oil prices came amid continued uncertainty surrounding the US-Iran conflict and the outlook for regional energy supplies.

Asian Markets Mixed

Asian markets showed a mixed trend in early trade.

South Korea’s KOSPI and Hong Kong’s Hang Seng Index traded lower, while Shanghai’s SSE Composite Index and Japan’s Nikkei 225 were marginally higher.

US markets ended lower on Tuesday, September 29.

Foreign Fund Outflows Continue

Foreign Institutional Investors (FIIs) remained net sellers in Indian equities. According to exchange data, FIIs offloaded shares worth ₹9,980.22 crore on Tuesday.

The heavy foreign outflows have added pressure to domestic equities amid concerns over elevated crude prices and geopolitical uncertainty.

Sensex, Nifty Fell On Tuesday

Indian markets ended lower on Tuesday, September 29, extending their recent decline.

The Sensex fell 242.65 points, or 0.33%, to close at 72,529.07, while the Nifty declined 64.05 points, or 0.28%, to settle at 22,716.20.

Investors are now closely tracking crude oil prices, foreign fund flows and developments surrounding the US-Iran conflict for further direction in the domestic market.