Sensex jumps over 400 points, Nifty holds above 23,360

Mumbai: Indian benchmark indices opened higher on Monday despite muted cues from GIFT Nifty, as easing oil prices supported sentiment, with the Sensex gaining over 400 points and the Nifty holding above 23,360.Sensex opened at 74,535.18 and was trading at around 74,718.49, up 423.53 points or 0.57% against the previous close of 74,294.96 at around 9:27 AM. Nifty opened at 23,330.20 and was trading at around 23,376.15, up 29.75 points or 0.13% against the previous close of 23,346.40 at the same time. Sectorally, market remained mixed with Nifty Realty emerging as the top gainer, surging over a per cent while IT, media, metal, PSU Bank, financial services traded in the red. Most broad market indices traded in the red as well. On BSE, UltraTech, Indi Go, Asian Paint, SunPharma, HCL Tech, Trent, Titan, Hindustan Unilever, M&M, LT, HDFC Bank, ICICI Bank, Kotak Bank, Tata Steel, TCS, BEL, NTPC among others were the top gainers. Adani Ports, Bharti Airtel, Power Grid and Infosys wer top laggards.On NSE, Indi Go, Asian Paint, SunPharma, Reliance, Kotak Bank, SBI Life, Hindustan Unilever, NTPC, HDFC Bank, M&M, Bajaj-Auto, ITC, BEL among others were top gainers. Adani Ports, Bharti Airtel, Power Grid, Infosys, Wipro, Bajaj Finance, Tech Mahindra, Cipla, ONGC, Titan among others were the top losers during the early morning trade. Crude has corrected for a fourth straight session, with Brent falling to USD 101 per barrel against Friday's settlement of USD 103.87 per barrel, as the market prices the possibility of US–Iran contact at the United Nations this week alongside improved flows through the Strait of Hormuz. At the time of reporting, Brent crude was trading at around USD 101.61 per barrel while crude oil was trading at around USD 98.09 per barrel. Likewise, gold prices also eased on Monday, trading at around USD 4,367.88 at the same time. Anindya Banerjee, Kotak Securities noted, Aramco has sold around 60 million barrels through the route for September and October loading, helping Gulf exports recover to 1–1.5 million barrels per day. Saudi shipments through the Strait of Hormuz exceeded 2 million barrels per day in the first half of September, around 1 million barrels per day higher than in August, according to independent estimates.“This is why visible transit counts understate what is actually moving, and it is why the supply fear has eased — the 12-month Brent spread has narrowed to around USD 21 from about USD 30 in the middle of the month, and premium grades such as Murban and Oman have come off their peaks,” Banerjee noted, adding, “Prices are showing weakness, and unless Brent can reclaim USD 105, we see a decline towards USD 96.”“The immediate trigger is whether US–Iran contact at the United Nations is confirmed from Tuesday. That will decide whether the premium unwinding in crude continues or rebuilds, and with it the near-term direction of the rupee and the precious metals,” he said. Market analys Vipin Dixena noted, “The Indian market is starting the week on a cautious but relatively stable note. The biggest positive trigger for Indian market is the sharp cooling in crude. the interesting part is that the market is showing resilience despite the geopolitical uncertainty. If crude continues to cool and FII selling does not return aggressively, that can give domestic equities some breathing room.” “Technically, 23,400 is the immediate hurdle for Nifty. A sustained breakout above 23,400 can take the index towards 23,500–23,600, while 23,200 is the first support and 23,100–23,070 is the stronger support zone. Until 23,400–23,600 is decisively reclaimed, I would consider the broader structure to be in a recovery attempt rather than a confirmed reversal,” he said.