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Informist, Wednesday, Sept. 9, 2026

By Adhithya Aji

MUMBAI – Benchmark indices are expected to open lower Wednesday as West Asia war pushed crude oil prices above $99 per barrel. The military action in West Asia continued with the US and Iran launching attacks on each other. This conflict follows the Houthi rebel attacks on Aramco's oil sites in Saudi Arabia. Analysts said the movement of crude oil prices is likely to determine the sentiment for Indian equity markets.

The US launched missile attacks at Iranian oil carriers Tuesday after the Islamic Revolutionary Guard Corps attacked a US Navy ship, US Central Command said in a post on X. Islamic Revolutionary Guard Corps targeted a US Navy ship with ballistic missiles twice over the past two days, the social media post said. This conflict follows the Houthi rebels' attacks on Aramco's oil sites in Saudi Arabia. Analysts said the movement of crude oil prices is likely to determine the sentiment for Indian equity markets. At 0736 IST, the November futures of Brent crude were at $99.25 per barrel, up over 1%. 

In the June quarter, oil marketing companies had reported a net loss owing to higher crude oil prices. However, the outlook for the downstream oil companies improved sequentially as retail fuel prices hike, both auto fuel and liquefied petroleum gas, lent support, according to Emkay Global Financial Services. Sequentially, lower average crude oil prices following a sharp correction in July was also expected to aid oil marketers, the brokerage said.  

Nifty Bank underperformed and was down 1% over a week. The sectoral index fell over 2% in over a month. Despite the underperformance, investors remained constructive about the credit growth, benign asset quality, and potential resolution of management overhang, according to Nuvama Institutional Equities. "Huge FCNR (foreign currency non-resident (banks) deposits) mobilisation surprised positively and is structurally positive for liquidity/credit growth, though it may delay bank margin bottoming...", the brokerage said. Non-banking financial services is expected to sooner benefit from lower costs of fund. The brokerage also said that it is awaiting clarity on who is going to be the chief executive director and managing director of HDFC Bank. India's largest private sector lender's Managing Director and Chief Executive Officer Sasidhar Jagdishan, in August, had decided not to seek reappointment.      

At 0740 IST, the September futures of GIFT Nifty were nearly 0.1% higher at 23660. The Nifty index has reached its immediate price support placed around the 23600 spot level, according to Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market. "The possibility of a bounce-back rally up to 24000 spot levels cannot be ruled out at this juncture. Conversely, a decisive close below 23600 will have a negative impact that could trigger selling pressure and drag it toward 23350 spot levels.  End

US$1 = INR 94.82

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

Edited by Akul Nishant Akhoury

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