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Informist, Tuesday, Sept. 8, 2026

By Adhithya Aji

MUMBAI – Benchmark indices are expected to move in a range Tuesday as crude oil prices rose over $97 per barrel. Monday, there were no report of any military action in West Asia from both the US and Iran. GIFT Nifty trend indicated a subdued opening for the Nifty 50. Defence stocks will be in focus Tuesday after the government approved acquisition proposals of INR 1.10 trillion.

At 0723 IST, the November futures of Brent crude were 0.2% higher at $97.15 per barrel. This is over 33% higher than pre-war levels. A clarity on the end to the West Asia war, from the sides of both the US and Iran is needed for crude oil to stabilise, according to analysts. Moreover, crude oil levels are significantly higher than the comfortable level for India, which is a net importer of oil. Analysts see a comfortable level for crude oil for India at around $75-$80 per barrel.

Adding to this, India's crude oil basket jumped nearly 12% last week to go over $100 a barrel for the first time after six weeks, according to the data from the government's Petroleum Planning and Analysis Cell. The rise in the Indian basked outperformed global peers as the country is more sensitive to supply chain disruptions caused by the West Asia war. India imports around 90% of its crude oil requirements.

Meanwhile, foreign portfolio investors were net buyers of Indian equities. They bought shares worth INR 2.80 billion. Following the Reserve Bank of India's foreign currency non-resident (banks) inflows, the rupee has stabilised. But this cannot be called foreign inflows are coming into equity markets, according to the head of institutional equities with a domestic brokerage. "They are the flows into the banking system, which can have a positive impact on credit growth going forward," the analyst said. 

Other Asian markets opened on a mixed note Tuesday. South Korea's Kospi was the major gainer in the region and was up nearly 2%. Heavyweight stocks Samsung Electronics and SK Hynix, which rose nearly 3% and over 8%, respectively, lifted the index. Japan's Nikkei 225 was up 0.3%. MArkets in the US were closed Monday on the occasion of Labor Day. However, Dow Jones Industrial Average futures fell 0.6% on Monday ahead of the holiday shortened trading week and West Asia war keeping sentiment weak. S&P 500 futures fell 0.2%, but Nasdaq-100 futures rose 0.1%. 

Back home, at 0749 IST, the September futures of GIFT Nifty contracts fell 0.1% to 23783. This indicates a subdued open for the Nifty 50. The possibility of a bounce back to the 24000 mark cannot be ruled out, according to Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market. "Moving forward, a cross and sustenance above 24000 is essential for a sustained move toward 24200, followed by the 24350 level," Kumar added. Some technical analysts voiced similar opinion, saying Nifty 50 might see some bounce back as the index now finds itself in an oversold position. On Tuesday, the Nifty 50 might see some volatility owing to weekly futures expiry, analysts said.

Defence stocks will be in focus today after the Defence Acquisition Council, headed by Defence Minister Rajnath Singh, Monday accorded in-principle administrative approval to various acquisition proposals of the defence forces at an estimated cost of about INR 1.10 trillion. The government said of the total approvals accorded, approximately 98% of procurements will be made from Indian industry.  End

US$1 = INR 94.49

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Akul Nishant Akhoury

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