Indian shares opened higher on Monday as easing crude oil prices, strong corporate earnings and renewed foreign buying supported sentiment, with the Nifty 50 index trading above 23,200 for the first time in several sessions.
The Nifty 50 opened with a wide gap-up at 23,222 and was last seen at 23,293, up 1.04 per cent, advances/declines ratio at 36:14. GIFT Nifty futures were trading at 23,258.5 as of 7:58 am, indicating a strong opening for the domestic market. The index closed at 23,053.10 on Friday.
Brent crude prices eased to around $111 per barrel on Monday, retreating from a six-month high of $118 recorded on Friday. The decline follows discussions involving Iranian and Qatari officials aimed at securing a deal to end the US-Israeli war on Iran, raising hopes of easing supply concerns.
Reliance Industries reported a 40.6 per cent jump in September-quarter net profit, beating expectations, supported by its energy and digital services businesses. Jio Platforms reported 13.7 per cent growth in quarterly net profit. Foreign investors bought Rs 3,600 crore worth of Indian shares on Friday, according to provisional data, marking their sixth session of buying in the last 10 trading sessions.
The Nifty 50 and Sensex gained 1.9 per cent and 2.7 per cent, respectively, during October, ending a two-month losing streak supported by IT stocks, resilient earnings and hopes of relief on capital gains tax. Analysts said the ability to sustain above 23,200 would be important, as holding this level could signal an improvement in market strength. The immediate support is placed around 23,000–23,100, while the next upside zone is at 23,400–23,500. If Nifty manages to sustain above 23,200, the positive momentum could continue, with room for further upside towards 23,400–23,500.
