Sensex, Nifty open higher as crude oil slips 2% on Iran sanctions watch
Synopsis
Indian equities opened in the green on 24 August after two straight weekly losses, lifted by a 2% drop in crude oil prices — but the gains are fragile. With Brent still near $92, FIIs in net-sell mode, and markets bracing for the Fed symposium and Nvidia earnings, analysts warn any rally could quickly run into a wall of selling.
Key Takeaways
Sensex opened at 77,629.56 (+88.73 pts) and Nifty at 24,285.05 (+33.05 pts) on 24 August .
Crude oil fell up to 2 per cent ; Brent traded around $92/barrel , WTI below $85/barrel .
Nifty Metal led sectoral gains (~1%), while Nifty Healthcare and Nifty Pharma each fell 0.5 per cent .
DIIs bought equities worth ₹2,124 crore on 21 August — their ninth consecutive buying session ; FIIs sold ₹543 crore .
Analysts peg near-term Nifty range at 24,200–24,600 ; F&O expiry on Tuesday could spike volatility.
Domestic equity markets opened on a positive note on Monday, 24 August, snapping two consecutive weeks of losses, as crude oil prices slid up to 2 per cent and investors awaited details of fresh US sanctions on Iran. The Nifty50 opened at 24,285.05, up 33.05 points or 0.14 per cent, while the BSE Sensex started at 77,629.56, gaining 88.73 points or 0.11 per cent.
Sectoral Snapshot
Metal stocks led early sectoral gains, with the Nifty Metal index rising nearly 1 per cent. Nifty Media advanced 0.72 per cent, Nifty Oil & Gas gained 0.59 per cent, and Nifty IT rose 0.4 per cent. Auto, private banks, and financial services indices also traded in positive territory in early trade.
On the other side, Nifty Healthcare and Nifty Pharma each fell 0.5 per cent. Consumer durables, realty, and FMCG shares were also in the red during opening trade.
What Analysts Are Watching
Market analysts said the Nifty could remain range-bound between 24,200 and 24,600 in the near term. A resilient domestic economy and improving earnings growth provide fundamental support, but elevated crude prices and geopolitical risks are expected to cap any sustained rally.
'With Brent around $93 and escalating geopolitical tensions associated with the West Asian crisis and the Russia-Ukraine war, any rally is likely to be met with increased selling at higher levels,' analysts noted.
Technically, a weekly hammer candle on the Nifty has reinforced key support levels, keeping the reversal setup intact. The index could move towards 24,317–24,380 and subsequently 24,400–24,545, provided the 24,060–24,000 support zone holds. Volatility is expected to rise ahead of Tuesday's F&O expiry.
Institutional Flows
In the previous session on 21 August, domestic institutional investors (DIIs) extended their buying streak to nine consecutive sessions, purchasing equities worth ₹2,124 crore. Foreign institutional investors (FIIs), however, remained net sellers for a second straight session, offloading shares worth ₹543 crore.
Crude Oil and Global Cues
Brent crude was trading around $92 a barrel, down more than 2 per cent, while US WTI slipped below $85 a barrel, as investors awaited specifics of fresh US sanctions on Iran. Tehran has played down the prospect of tighter economic measures.
Asian equities broadly fell on Monday, weighed by caution ahead of Nvidia's earnings announcement and the US Federal Reserve's annual symposium — two events that could shape global risk sentiment for the weeks ahead. Segments such as CDMO, healthcare, precision engineering, and power infrastructure are attracting selective buying interest, though market experts have cautioned against chasing stocks at elevated valuations.
Point of View
Indian markets are essentially in a holding pattern, and the geopolitical premium in crude — Brent near $92 despite the dip — has not gone away. The real stress test comes if the Fed signals rates stay higher for longer: that would hit FII flows, pressure the rupee, and quickly erase the modest gains sectors like Metal and Oil & Gas are posting today.
NationPress
24 Aug 2026
Frequently Asked Questions
Why did Sensex and Nifty open higher on 24 August?
Sensex and Nifty opened higher on 24 August primarily because crude oil prices declined up to 2 per cent, easing inflation concerns. The gains followed two consecutive weeks of losses, and markets also drew support from a nine-session DII buying streak.
What is the near-term trading range for Nifty?
Analysts expect Nifty to remain range-bound between 24,200 and 24,600 in the near term. The index could move towards 24,317–24,380 and then 24,400–24,545 if the key support zone of 24,060–24,000 holds.
How did institutional investors trade on 21 August?
Domestic institutional investors purchased equities worth ₹2,124 crore on 21 August, extending their buying streak to nine consecutive sessions. Foreign institutional investors were net sellers for a second straight session, offloading shares worth ₹543 crore.
What global events could impact Indian markets this week?
Two key global events are in focus: Nvidia's earnings announcement and the US Federal Reserve's annual symposium. Both could significantly influence global risk sentiment and, by extension, FII flows into Indian equities.
Which sectors are leading gains and which are lagging?
Nifty Metal (up ~1%), Nifty Media (up 0.72%), Nifty Oil & Gas (up 0.59%), and Nifty IT (up 0.4%) are leading gains. Nifty Healthcare and Nifty Pharma are each down 0.5%, with consumer durables, realty, and FMCG also in negative territory.
