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Informist, Monday, Sept. 21, 2026

By Adhithya Aji

MUMBAI – Elevated crude oil prices are likely to continue to limit gains for benchmark indices going ahead. Prices came off highs from the levels recorded last week but were above the psychological mark of $100 per barrel. Analysts said crude oil prices will remain the key factor in setting the direction for equities and foreign fund inflows. Globally, most Asian markets opened higher Monday and Wall Street indices ended mixed Friday. 

At 0722 IST, the November futures of Brent crude oil were over 2% lower at $101.66 per barrel. Prices were down for the fourth consecutive session but provided no breather for import-dependent India, since it is still up nearly 40% from the levels seen before the start of the US-Iran war in February.

Foreign portfolio investors turned net buyers of Indian equities Friday after selling for seven consecutive sessions. Overseas, investors bought shares worth INR 6 billion. High crude oil prices and demand for artificial intelligence stocks in other markets have tempered foreign investors' appetite for Indian equities over recent months. "However, the trend of FPI investment through the primary market has been continuing in September also as per early indications," V.K. Vijayakumar, chief investment strategist at Geojit Investments, said in a note. Overseas investments in the primary market as of Saturday stood at INR 27.03 billion, taking the total investment so far this year to INR 485.5 billion. "This partly explains the ongoing boom in the primary market despite the tepid performance of the secondary market," Vijayakumar said. 

The war in West Asia between the US and Iran continued with no signs of ending anytime soon. Iran's security chief, Mohsen Rezaei, laid out a set of conditions to end the war, at the same time threatening to intensify attacks on US assets in the region. "We will confront America with greater force, and with more numerous and more painful strikes," Rezaei said in an interview with Al-Jazeera. The security chief demanded the war to end on all fronts, particularly Lebanon, the release of its billions worth of frozen funds in US dollars, an end to the naval blockade on Iranian ports, a stop to US interference in Tehran's internal affairs, and an end to all US attacks on Iranian territory, as per the report.       

At 0741 IST, the September futures of GIFT Nifty contracts were 0.2% higher at 23338.50 points. This indicates a muted start for the Nifty 50, which closed at 23346.40 Friday. The resistance for the 50-stock index is expected at around 23450–23600, according to Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market. "Because the broader chart structure remains bearish, a 'sell-on-rise' stance is recommended as long as the index trades below this ceiling," Kumar said. A closing below 23000 is likely to accelerate further downside for the index. "Key macro concerns—such as elevated crude oil, a weakening INR, and persistent inflation—continue to cap overall upside," Kumar added.

On the global front, Asian markets opened higher, with South Korea's benchmark Kospi leading the gains in the region. The tech-heavy index gained nearly 2%. On Wall Street, the Dow Jones Industrial Average ended 0.2% lower, while the Nasdaq Composite and S&P 500 ended 0.4% and 0.2% higher, respectively.

The shares of Welspun Corp. are likely to be in focus after its Saudi Arabia-based associate company, East Pipes Integrated Co. for Industry, received an order worth INR 20 billion from Saudi Aramco to manufacture and supply steel pipes.  End

US$1 = INR 95.87

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

Edited by Shubhayan Bhattacharya

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