Markets open flat as crude stays near $90, inflation data in focus

On a positive note for India’s longer-term outlook, the SBI projected FY27 GDP growth at 8%, against the RBI’s forecast of 6.7%.

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Equity benchmarks opened nearly flat on Wednesday after a muted start, with the Nifty 50 opening at 24,472.45 and trading at 24,451.95, down 19.75 points or 0.08 per cent, against its previous close of 24,471.70. The Sensex opened at 78,263.33 and was trading at 78,127.07, down 27.18 points or 0.03 per cent, compared to its previous close of 78,154.25. GIFT Nifty futures had indicated a flat-to-mildly positive open, trading around 24,550–24,563 ahead of the session.Tuesday's session ended on a weak note, with the Nifty shedding 112.10 points or 0.46 per cent and the Sensex falling 388 points, as a sharp rise in crude oil prices dragged both indices below key psychological levels. Brent crude hovered near $89–90 a barrel, driven by stalled negotiations over the Strait of Hormuz and fresh attacks on shipping in the region. "Iran maintained the strait would stay closed until its demands are met," even as a senior Pakistani minister said the US and Iran were nearing "some sort of arrangement."Among Wednesday's early top gainers on the Nifty 50, Hindalco led with a gain of 3.12 per cent, trading at ₹1,081.85 against its previous close of ₹1,049.10, followed by Grasim at ₹3,372.80, up 1.52 per cent from ₹3,322.20. State Bank of India rose 1.39 per cent to ₹1,080.80 from ₹1,066.00, while Nestlé India gained 0.99 per cent to ₹1,508.00 from ₹1,493.20. TMPV added 0.89 per cent, trading at ₹350.70 against a previous close of ₹347.60.On the losing side, Apollo Hospitals was the top decliner, falling 1.62 per cent to ₹8,608.50 from ₹8,750.50. Max Healthcare dropped 1.34 per cent to ₹1,026.10 from ₹1,040.00, and Dr. Reddy's Laboratories slipped 1.05 per cent to ₹1,192.30 from ₹1,205.00. Tata Consumer Products fell 0.87 per cent to ₹1,068.60 from ₹1,078.00, while Bajaj Finserv declined 0.79 per cent to ₹2,015.90 from ₹2,032.00.Sector performance remained mixed. IT and pharma showed relative strength in the previous session, but pharma-linked stocks like Apollo Hospitals and Dr. Reddy's faced selling pressure at Wednesday's open. Banking and financial services remained under watch, with Bank Nifty having settled at 57,446.25 on Tuesday, down 240.70 points or 0.42 per cent. "Immediate support is placed at 56,800–57,000, while resistance is seen around 57,800–58,000," analysts said.Elevated crude oil prices continued to weigh on the broader market. "The principal factor restraining a rally is the strengthening Brent crude which has again moved above $89 level," noted Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments. "This might keep crude prices elevated, constraining a rally in the market." The Indian rupee weakened for a second consecutive session, depreciating 14 paise to close at ₹95.44 on Tuesday, pressured by rising oil prices and risk aversion.On the institutional side, foreign institutional investors turned net buyers on Tuesday, purchasing equities worth ₹258–259 crore, though purchases slowed sharply from ₹1,975 crore the previous session. Domestic institutional investors also remained net buyers at ₹24 crore. "Overseas investors have become more selective ahead of key global macro events," analysts noted.Global cues remained mixed. Wall Street closed lower for a second consecutive session on Tuesday, with the S&P 500 falling 0.32 per cent, the Dow 0.34 per cent, and the Nasdaq 0.60 per cent. Alphabet shares dropped 3.8 per cent on AI restructuring concerns. Asian markets opened cautiously, with Japan's Nikkei posting modest gains after a holiday and South Korea's Kospi up over 2 per cent.On a positive note for India's longer-term outlook, the State Bank of India projected FY27 GDP growth at 8 per cent, against the RBI's forecast of 6.7 per cent. "If this turns out to be true, corporate earnings for FY27 will be much better-than-expected," Vijayakumar said. Separately, the central government's net direct tax collection rose 23 per cent year-on-year to ₹8.11 trillion as of August 10. Fitch Ratings affirmed India's sovereign rating at BBB- with a stable outlook, citing robust growth prospects while flagging elevated government debt.US July CPI data, due Wednesday, remains the key global trigger to watch, with markets expecting 0.1 per cent month-on-month headline growth and a 3.4 per cent annual pace.Published on August 12, 2026 Companies to followHindalco Industries LtdGrasim Industries LtdNestle India LtdState Bank of IndiaApollo Hospitals Enterprise LtdDr Reddys Laboratories LtdTata Consumer Products LtdBajaj Finserv Ltd