India’s benchmark Nifty 50 advanced for a third session Monday, while a sharp fall in Brent crude put lower energy costs and possible easing of supply concerns in focus for investors.
National Stock Exchange of India (NSE) data put the Nifty at 23,440.80 at Monday’s close, up 387.70 points, or 1.68%, from its Oct. 30 close of 23,053.10. The gain extended the index’s recovery for a third consecutive session.
NDTV Profit reported a late-Monday Gift Nifty reading of 23,579.50, up 0.76%, and said it pointed to a positive start for Tuesday’s session. The NSE describes Gift Nifty as a derivative traded on NSE International Exchange, so the quote did not establish where the cash index would open.
HDFC Securities Deputy Vice President Nandish Shah told NDTV Profit that 23,600 was the Nifty’s next hurdle and 23,250 to 23,270 was immediate support. A decisive move above 23,600 could put 23,750 in reach, he said. Those levels are Shah’s analysis, not exchange targets.
Brent crude futures stood at $106.65 a barrel at 8:57 a.m. ET (13:57 GMT) Monday, down $6.78, or 6%, after reaching $105.86, Reuters reported. Reuters linked the decline to Iran-Qatar discussions that raised expectations of less disruption to regional oil supplies. NDTV Profit said lower crude prices may ease inflation pressures and help company margins. Reuters also reported that Brent had ended October at a six-month high amid concern the conflict could escalate after the U.S. midterm elections.
In a Nov. 2 readout, Iran’s presidential office said President Masoud Pezeshkian described the government as trying to resolve the problem through dialogue. The statement also said Supreme Leader Mojtaba Khamenei had granted the government certain authorities, without specifying their scope or any negotiating terms. India’s next cash-market session was due Tuesday.
