Sensex and Nifty opened lower Tuesday but turned positive; crude prices and weak global cues weighed on early trade.
Indian equity benchmarks opened in the red on Tuesday before paring losses to trade in positive territory, pressured by elevated crude oil prices and weak global cues. The BSE Sensex shed 192.47 points, or 0.27%, to 71,732.21 in early deals, while the NSE Nifty slipped 45.80 points, or 0.20%, to 22,317.30.
Both indices subsequently recovered as buying emerged at lower levels, though sentiment remained cautious amid persistent concerns over energy costs and overseas market weakness.
Analysts say crude oil, global bond yields and the new US tariff powers on Russian oil imports will dominate Indian market sentiment this week.
On October 16, sugar prices fell, Brent crude rose, and Indian benchmarks surged, while corn and ethanol posted modest moves.
Indian equities rebounded Friday as easing crude prices and US-Iran agreement progress lifted sentiment.
The BSE Sensex dropped 547.65 points on Monday, driven by selling in banking, IT, and FMCG sectors amid rising crude prices and foreign fund outflows.