Indian Equity Markets Open Flat Amid Gains in Crude Oil Prices
The Indian equity markets opened flat on Tuesday, August 11, despite gains in crude oil prices. The benchmark indices Sensex and Nifty started the session lower, with Sensex opening 32.67 points or 0.04% lower at 78,509.77 and Nifty declining 8.70 points or 0.04% at 24,575.10.
The IT and consumer durables sectors performed well, with Nifty MidSmall IT & Telecom rising 0.73%, Nifty Consumer Durables gaining 0.66%, and Nifty IT advancing 0.63%. Real estate, auto, and pharmaceutical shares also traded in positive territory.
However, banking stocks were under pressure, with Nifty Private Bank falling 0.64% and Nifty PSU Bank declining 0.62%. Market experts attributed the weakness to rising crude oil prices, although they noted that improving domestic fundamentals and stability in the rupee were providing support.