Indian Stock Market Set to Open Red Amid Elevated Oil Prices
The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open in the red on Monday, September 7, due to mixed global cues. The domestic equity indices ended higher in the previous session, with the Nifty 50 closing above 23,800.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are likely to open on a cautious note, with elevated crude oil prices and escalating tensions in the Middle East overshadowing otherwise supportive regional cues. Crude oil remains the key macro driver, he added, as WTI was trading around $91-92 per barrel.
According to Hitesh Rathi, Technical Analyst - Equity & Derivatives at Angel One, the 23,750-23,600 band remains an immediate and crucial support zone for the Nifty 50. A decisive daily close below this range could trigger further weakness.
The market experts recommended eight buy-or-sell stocks for intraday trading: Emcure Pharmaceuticals Ltd, Capri Global Capital Ltd, Reliance Industries Ltd (RIL), Shriram Finance Ltd, Adani Enterprises Ltd, BlueStone Jewellery and Lifestyle Ltd, Vedant Fashions Ltd, and Schneider Electric Infrastructure Ltd.