Indian Equity Markets Open Flat Amid Crude Oil Price Gains
The Indian equity markets opened flat on Tuesday, despite gains in crude oil prices. The Sensex and Nifty indices started the session lower, but information technology and consumer durables stocks gained to offset weakness in banking and financial counters.
According to market experts, rising Brent crude prices are an irritant for equities, although improving domestic fundamentals, better-than-expected June-quarter earnings, and stability in the rupee are providing support. Foreign institutional investors turning buyers may keep the market resilient with a slight upward bias.
The Nifty IT index advanced 0.63%, while Nifty Consumer Durables gained 0.66%. Real estate, auto, and pharmaceutical shares also traded in positive territory. On the other hand, banking stocks were under pressure as Nifty Private Bank fell 0.64% and Nifty PSU Bank declined 0.62%.