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Informist, Friday, Sept. 18, 2026

By Adhithya Aji

MUMBAI – Benchmark indices may rise amid some positive cues from global markets, but may continue to face selling at higher levels as high crude oil prices remain a major concern for investors. Crude oil prices and US bond yields eased from recent highs which may support Indian equities Friday.

The Brent crude oil futures eased to $104 per barrel Friday from nearly $110 per barrel earlier this week. However, prices still remain nearly 43% higher than the level before the start of the US-Iran war. The slightly lower oil prices aided gains in global markets, with Wall Street benchmarks Dow Jones Industrial Average and S&P 500 ending 0.6-1% higher, while the Nasdaq Composite ended nearly 2% higher. Sentiment in the US was also positive after the unanimous decision of the US Federal Reserve to raise its interest rate Wednesday, which cemented the central bank's autonomy among investors, Reuters reported.

Globally, most Asian markets opened higher. South Korea's benchmark Kospi index was the top performer in the region, up 2%. Tech-heavy Japan's Nikkei 225 and Taiwan's Taiex rose nearly 1% each.

Foreign portfolio investors continued to be net sellers of Indian equities for the seventh consecutive session Thursday, as they sold shares worth INR 32.09 billion. Analysts do not expect much healthier participation from foreign investors as crude oil prices remain high, a key worry for the import-dependent Indian economy. In the near term, India is not seen as a favourite destination for overseas funds, analysts said.

On the other hand, analysts are bullish on small-cap and mid-cap indices as they provide healthy earnings visibility as compared to the large-caps, but some analysts have also pointed to expensive valuations of smaller companies. The large-cap index is now off expensive valuations and is below 20 price-to-earnings multiple, according to Ashish Ranawade, chief investment officer at Emkay Wealth Management. Small-cap and mid-cap indices contain more emerging sector companies, primarily aerospace and defence, and these companies are backed by the government to promote indigenisation and localisation, Ranawade said. Growth won't be seen in large-caps or the top 250 companies going ahead, but in small-caps, micro-caps, and even in the small and medium enterprises segment, Ranawade added.

At 0804 IST, the September futures of the GIFT Nifty was down 0.1% at 23336.50, indicating a subdued opening for the Nifty 50. Thursday, the 50-stock index ended 0.2% higher at 23270.60. The overall structure of the index remains negative, according to Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market. The resistance for the index is seen around 23450-23600. "Going forward, we maintain our 'sell-on-rise' trading approach as long as the index trades below this resistance zone," Kumar said. The support for the blue-chip index is seen at 23100-23000.

India also faces a new tariff threat after the US House of Representatives Wednesday passed a bill that allows US President Donald Trump to impose up to 100% tariffs on five countries, including India and China, for buying Russian oil. India is "firmly committed" to ensuring energy security and will continue to import energy "through diversified sources", the external affairs ministry said Thursday. The government has noted the passage of the "Lindsey O. Graham Sanctioning Russia and Iran Act of 2026", the ministry said in a statement, adding that India was also "monitoring further developments on this matter."  End

US$1 = INR 95.93

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Shubhayan Bhattacharya

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