Even in the face of escalating tensions in the Middle East and international crude oil prices surging past the 100 dollar per barrel mark, the Indian stock market kicked off the September 10 session on a cautious yet steady note. Despite subdued global cues, both major benchmark indices, the Sensex and Nifty, managed to hold their ground in positive territory during early trading hours. Sustained buying interest across banking, energy, and public sector undertaking shares provided crucial support to the market, allowing investors to breathe a sigh of relief.
In the opening minutes of trade, the BSE Sensex traded higher by 100.18 points at the 74,864.41 level. Meanwhile, the National Stock Exchange's Nifty 50 index advanced 40.15 points or 0.08 percent to reach the 23,471.65 level. Market breadth remained positive as a total of 1,378 stocks advanced, 955 shares declined into the red, and 163 stocks remained unchanged from their previous closes.
ONGC Surges 1.73 Percent While Axis Bank and SBI Shine
According to data from the NSE heatmap, the sharp climb in global crude oil prices directly benefited Oil and Natural Gas Corporation (ONGC). The stock rallied 1.73 percent to trade at ₹238.08, emerging as the top gainer on the Nifty index.
- Top Gaining Stocks: Alongside Oil and Natural Gas Corporation, robust buying was recorded in Axis Bank up 0.52 percent, State Bank of India up 0.52 percent, ITC up 0.50 percent, Coal India up 0.50 percent, Bajaj Finserv up 0.49 percent, and Cipla up 0.48 percent.
- Top Losing Stocks: On the flip side, selling pressure was evident in the technology and automotive sectors. Mahindra & Mahindra suffered the steepest drop, falling 1.02 percent. Other notable losers included HCL Tech down 0.63 percent, Infosys down 0.55 percent, Tech Mahindra down 0.52 percent, Tata Steel down 0.52 percent, Shriram Finance down 0.46 percent, and Bharat Electronics down 0.34 percent.
PSU Bank and Energy Indices Show Strength
On the sectoral front, the Nifty PSU Bank index registered the strongest gains, rising 0.87 percent. Additionally, the Nifty Energy index traded higher by 0.45 percent, Nifty PSE by 0.43 percent, Nifty Bank by 0.33 percent, and Nifty IT by 0.22 percent. However, minor selling pressure was observed in the Nifty MNC index down 0.2 percent, Nifty Pharma down 0.18 percent, and Nifty Realty index down 0.05 percent. Market analysts suggest that ongoing fluctuations in crude oil prices and global geopolitical tensions will likely keep the broader market trading within a restricted range throughout the day.
