Indian Equity Indices Open Higher on September 18 With Sensex Up 261 Points and Nifty Above 23,300 as Crude Eases, Though FII Selling and Tata Stocks Weigh

Indian stock markets opened higher on Friday, September 18, with the BSE Sensex rising 261 points or 0.35 percent to 74,575 and the Nifty 50 gaining 64 points or 0.20 percent to 23,335 in early trade, supported by easing crude oil prices and positive global cues. Brent crude slipped around 0.9 percent to nearly 104 dollars a barrel, extending its decline for a third consecutive session. Fifteen of the 16 major sectoral indices were trading higher at the opening, while both the small-cap and mid-cap indices gained about 0.2 percent. However, Tata Group stocks were under pressure, with TCS, Tata Motors PV, Tata Investment and Tata Chemicals falling between about 2.5 percent and 7 percent. Foreign Institutional Investors remained net sellers for the seventh consecutive session on September 17, selling equities worth Rs 3,209 crore, while Domestic Institutional Investors bought equities worth Rs 3,618 crore. In the previous trading session on September 17, the Sensex closed at 74,315 and the Nifty 50 at 23,271. The modest opening gain reflects a market in consolidation after recent losses, with lower-level buying yet to translate into a decisive trend reversal. The easing of crude oil prices offers relief to India's import bill and inflation outlook, providing short-term support. However, continued FII selling despite DII buying signals lingering caution among foreign investors amid geopolitical tensions in the Middle East and the closure of the Strait of Hormuz to most tanker traffic. The sharp decline in Tata Group stocks suggests specific concerns about the conglomerate following the board's controversial September 17 decision to reappoint N. Chandrasekaran as executive chairman despite his August decision not to seek a third term, which Tata Trusts declared legally invalid.