India’s Nifty 50 fell at Thursday’s open as Brent crude traded above $110 a barrel, putting energy costs in focus in a country that imports most of its energy.
Reuters reported that at 11:45 p.m. ET Wednesday (03:45 UTC Thursday), the Nifty was down 0.54% at 22,687.75 and Brent was at $110.60, up 1.6%. The snapshot coincided with the Indian market’s 9:15 a.m. IST opening.
The Nifty closed Wednesday, Oct. 21, at 22,811.35, down 77.60 points, or 0.34%, according to Investing.com’s historical data. The index’s reversal from early gains left it lower at the close. The Economic Times’ premarket report, published at 9:37 p.m. ET Wednesday (01:37 UTC Thursday), put GIFT Nifty at 22,690, down 38.5 points, or 0.17%.
For Thursday’s session, analysts cited by The Economic Times identified 22,650 to 22,700 as support near the 200-week moving average, with immediate resistance at 23,000. The report also flagged 23,175 as resistance, close to Monday, Oct. 19’s high of 23,175.25 listed by Investing.com. Reuters’ opening level for the Nifty was within the cited support range.
Institutional flows offered a counterpoint to the index’s decline. Provisional data from the National Stock Exchange of India showed foreign portfolio investors were net buyers of ₹1,022.32 crore and domestic institutional investors were net buyers of ₹1,614.32 crore on Wednesday. Those purchases came as the Nifty fell 0.34%.
Reuters said India imports most of the energy it uses, leaving it exposed to inflation and fiscal pressure when crude prices rise; higher costs can also reduce company profits. Brent settled at $108.82 a barrel on Wednesday, Reuters reported, while The Economic Times said it had moved above $110 during the session. Reuters linked oil-market supply concerns to Middle East tensions and reported that the Houthis claimed attacks on Saudi targets.
