SENSEX, NIFTY50 trade on a subdued note as crude moves above $100 per barrel

The Indian equity benchmarks were trading on a subdued note on Thursday, September 10, amid weak trend in global markets after crude oil moved above $100 per barrel.

The SENSEX rose as much as 147 points and NIFTY50 index touched an intraday high of 23,495 and a low of 23,414 led by buying in HDFC Bank, State Bank of India, Axis Bank, ITC, Larsen & Toubro, Hindustan Unilever and Reliance Industries. However, the gains were capped owing to selling pressure in Mahindra & Mahindra, ICICI Bank, Eternal, Sun Pharma and Bharat Electronics.

As of 9:25 am, the SENSEX was down 26 points at 74,738 and NIFTY50 index slipped 10 points to 23,421.

Asian markets were trading lower mirroring losses in US stock markets as crude surged above psychologically important level of $100 per barrel.

Japan's Nikkei fell 0.8%, China's Shanghai Composite declined 0.15%, Hong Kong's Hang Seng fell 1.4% and South Korea's KOSPI index dropped 1%.

Overnight, Dow Jones Industrial Average fell 0.77%, S&P 500 index declined 0.48% and tech heavy Nasdaq index dropped 0.64%.

Brent crude futures surged 0.72% to an intraday high of $101.95 per barrel after as tensions in West Asia escalated after US destroyed five Iranian tankers on Tuesday in a series of attacks between the two nations. The conflict that began in February has essentially shut down traffic in the Strait of Hormuz, where a fifth of the world’s oil supply passed before the war began.

Back home, nine of 15 sector gauges compiled by the National Stock Exchange (NSE) were trading higher led by the NIFTY PSU Bank index's 1.27% gain. NIFTY Bank, Financial Services, FMCG, IT, Media, Private Bank, and Oil & Gas indices also rose between 0.15% and 0.5%.

On the other hand, pharma, metal, realty, healthcare and consumer durable shares were witnessing selling pressure.

Broader markets were trading on a mixed note as NIFTY Midcap 100 index fell 0.15% while NIFTY Smallcap 100 index advanced 0.15%.

Among the individual shares, Redington rose as much as 5.4% to an intraday high of ₹389 after Apple unveiled a wide range of new products and features, including its first foldable iPhone Duo, the iPhone 18 Pro series, AirPods 5 and new Apple Watch models, in the first major product launch under new CEO John Ternus.

The company used its annual product event to showcase upgrades across its smartphone, audio and wearable lines, with a strong focus on camera capabilities, performance, battery life, health tracking and artificial intelligence.

Adani Enterprises was top loser in the NIFTY50 index, the stock fell 1.63% to ₹3,054. Mahindra & Mahindra, IndiGo, Eicher Motors, Adani Ports, Bajaj Auto, Maruti Suzuki, Shriram Finance and Max Healthcare also fell between 0.6% and 1.4%.

On the flip side, Tech Mahindra, ONGC, TCS, State Bank of India, ITC, Cipla, Infosys, Axis Bank, Wipro, Power Grid and Bajaj Finance were top gainers in the NIFTY50 index.

The overall market breadth was positive as 1,737 shares were advancing while 1,289 were declining on the NSE.