Indian stock markets traded on a flat note in early Thursday deals as the 30-share BSE Sensex was marginally up 38.07 points to 74,809.95, while the 50-share NSE Nifty advanced 9.85 points to 23,439.20. According to The Hindu, elevated crude oil prices above $100-per-barrel mark, amid persistent geopolitical tensions, kept risk appetite subdued. Among the 30 Sensex firms, Tech Mahindra, Axis Bank, State Bank of India, Power Grid, ITC and Infosys were the winners, while Mahindra & Mahindra, Adani Ports, Reliance Industries, Sun Pharma, InterGlobe Aviation and Bharat Electronics were among the laggards. The previous session saw significant weakness with the Sensex tanking 813.35 points, or 1.08%, to settle at 74,764.23, and the Nifty declining 203.60 points, or 0.86%, to end at 23,431.50.
Brent crude, the global oil benchmark, traded 0.20% lower at $101-per-barrel, as reported by The Hindu, representing a slight decline from the previous day's elevated levels. The latest escalation in US-Iran hostilities around the Strait of Hormuz has added to concerns over supply disruptions and energy prices. Investors will track crude oil prices, developments in West Asia and the 18th BRICS Summit in New Delhi on September 12-13 for further cues. The risk of a prolonged Middle East conflict increased, with Iran's threat to retaliate against any US attacks on its assets adding to market uncertainty. The rise in crude has also strengthened inflation concerns and complicated the Federal Reserve's policy outlook. Markets are pricing in more than a 60% probability of a 25-basis-point Fed rate hike at the September meeting, with US inflation data due later this week that could influence those expectations. Brent has climbed more than 30% since the conflict began in late February, although prices remain below the late-April peak of $126 a barrel.
With the Nifty finding support around the crucial 23,600 level, there is a possibility of a short-term bounce from the 23,600-23,500 zone, according to CNBC TV18. Nagaraj Shetti from HDFC Securities noted that "The underlying trend of Nifty continues to be weak" but expects a potential bounce from current levels. Immediate support is at 23,600-23,500, with the index now more than 1,050 points below its August swing high of 24,774, bringing the short-term trend closer to oversold territory. Nandish Shah from HDFC Securities identified 23,600 as a critical support zone, coinciding with a previous swing low, and warned that a decisive break below this level could drag the index towards 23,478 and 23,172. On the upside, resistance has shifted lower to 23,800, followed by 24,000, with Shah expecting the 23,770-23,800 zone to act as an immediate hurdle. As long as Nifty remains below 23,800, the prevailing bearish trend is likely to remain intact, while a sustained move above 24,000 would be required to improve the near-term technical setup.
The Indian rupee weakened sharply after holding steady for two sessions, depreciating 33 paise to close at 94.82 against the US dollar, according to CNBC TV18. Persistent risk-off sentiment, higher crude prices and aggressive dollar buying weighed on the currency. Ongoing geopolitical concerns and a lack of supportive foreign institutional investor (FII) flows added to the pressure, with investors also awaiting domestic inflation data and key central-bank policy decisions. Foreign Institutional Investors (FIIs) have sold shares worth ₹15,116.06 crore in September so far through September 7, 2026, following net cash purchases of ₹17,366 crore in August 2026 and net buyers of ₹6,731.97 crore in July 2026. The market is also facing liquidity pressure from a strong IPO pipeline, with six mainboard IPOs set to open on Wednesday and 12 IPOs scheduled this week, collectively targeting around ₹7,180 crore.
Primary market activity remains strong with six mainboard IPOs set to open on Wednesday and 12 IPOs scheduled this week, collectively targeting around ₹7,180 crore, according to CNBC TV18. Market experts have recommended eight buy-or-sell stocks for intraday trading today, including Redington Ltd, Piramal Pharma Ltd, Coal India Ltd, Gail (India) Ltd, Laurus Labs Ltd, Cemindia Projects Ltd, Rico Auto Industries Ltd, and P N Gadgil Jewellers Ltd. Among Nifty 50 constituents, SBI Life, Tata Steel and HDFC Life were the top gainers, while HCL Tech, Bharti Airtel and Maruti emerged as the biggest laggards. Sectoral performance was mixed, with Metals, Financial Services and Cement among the top gainers, while Realty, Healthcare and Chemicals faced selling pressure. Indian equities are likely to remain under pressure in the near term, with weak global cues, elevated crude prices and geopolitical tensions keeping investors cautious.
