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Informist, Thursday, Sept. 10, 2026

 

By Adhithya Aji

 

MUMBAI – Benchmark indices are expected to move in a range Friday amid high crude oil prices due to the ongoing war in West Asia. While Brent crude oil at $103 per barrel is negative for the market, some analysts expect the Nifty 50 may see some gains in the near term as it has already fallen 4% over the last six weeks.

 

At 1754 IST, the November futures of Brent crude oil were up 2% to $103 per barrel. "It is in the interest of the entire world that crude oil prices go back to double digits maybe below $90 (per barrel)," Sunny Agrawal, head of fundamental equity research at SBICAP Securities, said. Agrawal expects the market to see some gains in the near term as it has already corrected in the past few days.

 

Over one month, small-cap indices have risen 0.6–0.4% while the benchmark Nifty 50 is down nearly 3%. Broader market indices outperformed benchmark peers as earnings growth of mid-cap and small-cap companies over the last few quarters has been higher than of large-cap companies, according to Agrawal. "So ultimately, money will chase where there is a profit growth," he said. As per the latest Association of Mutual Funds in India data, mid-cap funds saw inflows of INR 69.98 billion in August, and small-cap funds saw inflows of INR 79.73 billion. On the other hand, large cap funds reported outflows of INR 11.47 billion, indicating a preference of investors towards mid- and small-cap stocks.

 

Another reason for the weakness in the large-cap space is weak foreign investor participation. Crude oil prices need to come down for large-cap companies to perform, analysts said. "So in case when the global factors are favourable for Indian markets, I think maybe in the short term, there can be some outperformance by large-cap as compared to mid- and small-cap pack," Agrawal said. 

 

Thursday, the Nifty 50 ended 0.2% higher at 23477.80. "Technically, the short-term market outlook remains weak, but due to temporary oversold conditions, we could see a pullback rally from the current levels," Shrikant Chouhan, head of equity research at Kotak Securities, said in a note. Many other technical analysts voiced the same opinion and said the overall market structure remains weak. Most analysts see the support for the Nifty 50 at 23400-23380, while the resistance is pegged at around 23550-23600. One analyst said the Nifty 50 may fall to 23100.

 

The flush of money towards a slew of initial public offerings could create a liquidity crunch in the short term, according to analysts. "I think everyone is chasing IPO now because they know that's the easiest way to make a gain out of in the current market," Agrawal said.  End

 

US$1 = INR 95.44

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

 

Edited by Shubhayan Bhattacharya

 

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