Indian equity markets opened higher on Monday, August 24, with the benchmark Sensex gaining more than 200 points while the Nifty 50 moved around the 24,300 level. The positive opening followed supportive global cues and a decline in crude oil prices, although geopolitical developments continued to keep investors cautious.
The Sensex was up around 206 points, or 0.27%, at 77,746.98 at 9:30 am, while the Nifty 50 stood at about 24,302, gaining 50 points, or 0.21%. IT stocks provided support to the early rally, with Infosys among the notable gainers. The market's opening also came after both benchmark indices had recorded losses over the previous week, making Monday's initial gains significant for investors tracking whether the indices can sustain the recovery.
Global cues support opening
The domestic market took direction from global developments, including softer oil prices. Crude remains a key factor for Indian equities because India depends substantially on imported oil, making changes in energy prices important for inflation expectations, corporate costs and the broader market outlook. Investors are also watching developments surrounding potential US sanctions on Iran, which could affect oil supply and global risk sentiment.
Ahead of Monday's session, GIFT Nifty had indicated a positive start, with the index trading around 24,320 before the market opened. The Nifty had closed the previous trading session at 24,252, while the Sensex ended at 77,540.83. Both benchmarks had registered a second consecutive weekly decline last week, reflecting the pressure from elevated crude prices, global bond yields and geopolitical uncertainty.
Investors remain cautious
Despite the early gains, market participants remain alert to external risks. Oil prices, developments related to Iran sanctions, global bond yields and upcoming signals from the US Federal Reserve are among the factors likely to influence trading sentiment. Analysts have also identified the 24,350–24,400 zone as an important resistance area for the Nifty in the near term. A sustained move above that range could strengthen the market's upward momentum, while failure to clear it may keep the index range-bound.
The opening gains therefore provide a positive start to the week but do not by themselves confirm a broader trend reversal. Investors are likely to track the movement of the Nifty around the 24,300 mark, developments in crude oil prices and global risk sentiment as the trading session progresses.
