Share Market: Sensex became a rocket as soon as the market opened, jumped by 427 points in one stroke, Nifty opened at 23,654.

Share Market Today: There has been turmoil in the Indian stock market for the last several days. The markets opened with a rise on Monday. Both the major indices opened at levels above their previous close. BSE Sensex opened at 75,203.02 with a gain of 427 points. Whereas a huge jump was also seen in NSE Nifty. Nifty was seen trading at the level of 23,654.50 with a rise of 106.75 points in the morning.

In the broader markets, Nifty Midcap and Nifty Smallcap indices were trading 0.52 per cent and 0.68 per cent higher, respectively. Apart from this, Nifty IT and Nifty Media gained momentum, while the performance of Nifty FMCG, Nifty Auto and Nifty Healthcare remained weak. In the Nifty50 pack, InterGlobe Aviation, Asian Paints, Infosys, Tech Mahindra, TCS, HCL Tech and Wipro were the biggest gainers.

Rise in crude oil prices

There was a decline in the prices of crude oil for the last few weeks, but there was a slight rise in it on Monday. On Monday, the price of US crude oil (WTI) in the international market increased by $ 2.37 or 2.71 percent to reach $ 89.73 per barrel. At the same time, the price of Brent crude increased by $ 2.16 or 2.37 percent to $ 93.28 per barrel. The market is cautious about the final results of US-Iran talks. Investors fear that if there is any obstruction in the talks, global energy supplies and maritime trade routes could be affected.

Indian market benefits from domestic investment

According to experts, the market will also keep an eye on the activities of foreign institutional investors (FIIs). Foreign investors have been selling continuously in recent trading sessions, which reflects their caution regarding the emerging stock market. Continuous outflow of foreign capital remains the main reason for curbing the growth of Indian markets. Although strong participation from domestic investors is supporting the market, prospects for a major rally appear limited without an improvement in foreign investment inflows.

Experts believe that, technically, Nifty 50 still appears to be under pressure. Continuous selling at upper levels and lack of strong buying is keeping the market in a range-bound range. At present, the level of 23,750 to 23,800 remains the immediate resistance for Nifty. Above this, the range of 24,000 to 24,100 is being seen as an important resistance.

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Expectation of new rise in the market

If Nifty is successful in holding firmly above these levels, then the market may see a new rise and the index may touch the level of 24,200 to 24,400. On the other hand, 23,500 levels remain the nearest support, while 23,300 to 23,000 levels are providing a strong base. If Nifty slips below these support levels, further pressure may increase in the market.