Equity benchmark indices Sensex and Nifty opened flat on Wednesday as signs of recovering exports from the Middle East impacted crude oil prices positively, even though the deadlock over peace deal progress between the US and Iran kept investors anxious.
GIFT Nifty futures stood at 22,834 points as of 7:46 am, indicating a positive opening for the benchmark Nifty 50, which closed at 22,716.20 on Tuesday.
The National Stock Exchange of India’s semi-annual index review takes effect on Wednesday, with investors closely watching whether the closing auction session can absorb higher inflows.
Exchange operator BSE is set to replace IT company Wipro in the Nifty as part of the review.
Changes to the 50-stock index are closely watched as passive funds with about $97 billion ( ₹9.31 lakh crore) in assets under management track the index.
Sensex, Nifty on September 29
Sensex and Nifty ended lower for the second straight session on Tuesday, weighed down by elevated crude oil prices, uncertainty over the Iran war peace deal, higher US Treasury yields and continued foreign fund outflows.
The 30-share BSE Sensex fell 242.65 points, or 0.33 per cent, to settle at 72,529.07. During the session, it declined as much as 707.72 points, or 0.97 per cent, to 72,064.
The 50-share NSE Nifty dropped 64.05 points, or 0.28 per cent, to close at 22,716.20.
Among the 30 Sensex companies, Titan, HCL Tech, Tata Consultancy Services, UltraTech Cement, Hindustan Unilever and Tech Mahindra were among the major laggards. Adani Ports, Sun Pharma, Tata Steel and Kotak Mahindra Bank were among the gainers.
Brent crude, the global oil benchmark, fell 0.09 per cent to $105.1 per barrel.