Oil price relief gives Dalal Street a lift, Sensex and Nifty edge higher at opening bell

Indian stock markets opened marginally higher on Tuesday, supported by positive global cues and a correction in crude oil prices.

At 9:20 am, the Sensex was up 64 points, or 0.10 per cent, at 74,914, while the Nifty gained 34 points, or 0.15 per cent, to trade at 23,449.

Broader market indices outperformed the benchmark indices, with the Nifty Midcap 100 rising 0.33 per cent and the Nifty Smallcap 100 gaining 0.40 per cent.

Most sectoral indices traded in positive territory. Nifty Realty led the gains, rising 1 per cent, followed by chemicals, which gained 0.64 per cent. Nifty IT was the biggest laggard, declining 1.09 per cent, while FMCG slipped 0.01 per cent.

An analyst said that with precious metals stabilising and fixed-income yields becoming more attractive, investors could consider adopting a multi-asset approach.

WTI crude oil remained in the $92-$93 per barrel range, while a stronger rupee provided further support to the overall macroeconomic outlook. Easing crude prices also reduced pressure on oil-importing economies.

Global risk sentiment improved after US equities ended sharply higher overnight, while most Asian markets also traded in positive territory.

Among Asian markets, China's Shanghai Composite rose 0.22 per cent, Shenzhen gained 0.62 per cent, Japan's Nikkei advanced 1.38 per cent, Hong Kong's Hang Seng Index climbed 0.41 per cent, and South Korea's Kospi jumped 1.89 per cent.

US markets also closed higher in the previous session, with the Nasdaq rising 2.26 per cent, the S&P 500 gaining 1.49 per cent and the Dow Jones adding 0.71 per cent.

In the previous trading session, the Nifty had gained 0.29 per cent to close at 23,414. Analysts pegged immediate support at 23,250-23,300, while resistance was seen in the 23,550-23,600 range.

The Bank Nifty ended the previous session at 56,470, up 0.20 per cent. Support was placed at 56,000-56,300, while resistance was seen at 56,800-57,000.

Meanwhile, foreigninstitutional investors (FIIs) remained net sellers on September 21, offloading equities worth Rs 576 crore. Domestic institutional investors (DIIs), however, remained buyers, purchasing equities worth Rs 2,800 crore.