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Informist, Tuesday, Sept. 22, 2026

 

By Adhithya Aji 

 

MUMBAI – The benchmark indices are expected to rise or move sideways as investors are likely to find some relief in the fall in crude oil prices to below $100 per barrel. Market participants will also focus on other global cues from West Asia. Several media reports said Iran has offered to reopen the Strait of Hormuz if the US halts its military action in West Asia.

 

At 1650 IST, the November futures contract of Brent crude was down nearly 2% from Monday at $98.91. Energy prices fell 3% from the intraday high of $102.30. Crude oil prices fell after Iran offered to reopen the key Hormuz waterway within seven days if the US initiates moves to ease the military pressure on Tehran, as per several media reports. Moreover, as per a Bloomberg report, Saudi Arabia said it could resume operations of its east-west oil pipeline this week, which further eased oil supply concerns. Supply through the key oil pipeline was disrupted last week by attacks carried out by an Iran-backed group in Iraq, according to reports.

 

However, the relief for the equity market in India is only partial because crude oil prices are still nearly 35% higher than before the US-Iran war began. "From the near-term peaks, $100 (per barrel) is okay, but still, crude has to come back to $80-$85 per barrel for India," Kranthi Bathini, equity strategist at WealthMills Securities, said. On the other hand, higher food inflation and the continuing effects of El Nino have also affected investor sentiment, the analyst added.

 

The September quarter earnings are a key event that investors will focus on now. "While geopolitical uncertainties remain unresolved, sustained stability in energy prices could improve earnings visibility and provide a firmer foundation for a broader market recovery," Vinod Nair, head of research at Geojit Investments, said in a note. During the June quarter, crude oil prices averaged around $103 per barrel and have continued to be in the same range in the September quarter as well, according to Bathini. On the September quarter earnings, he said, "We are cautiously optimistic".

 

Technical analysts are of the view that the market structure is more positive now. They expect the market to rise on any positive news from the global front. Without such a trigger, the Nifty 50 is likely to consolidate in the near term. Support for the Nifty 50 is seen at 23100-23000 points while the resistance is pegged at 23500–23600, according to Jatin Gedia, senior vice-president, technical research, at Teji Mandi Investment Technologies.  End

 

US$1 = INR 95.59

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

 

Edited by Rajeev Pai

 

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