The Indian benchmark indices showed a flat trend with a slight negative bias on Wednesday due to worries about potential disruptions in Iranian crude exports and continuous outflows by foreign institutional investors. As of 9.25 am, the Sensex dropped 74 points, or 0.09%, to 83,552, while the Nifty decreased by 12 points, or 0.05%, to 25,719.
Major broad-cap indices displayed a minor discrepancy with the benchmark indices, as the Nifty Midcap 100 remained steady, while the Nifty Smallcap 100 rose by 0.48%. Notable gainers on the Nifty included ONGC, Coal India, and NTPC. Sectoral indices exhibited mixed trading patterns, with a majority of them in the negative territory. Nifty metal and oil and gas sectors were among the significant gainers, with increases of 0.84% and 0.32%, respectively.
Oil prices surged by 2.8% to reach a seven-week high amidst escalating tensions in Iran, driven by nationwide anti-government protests and public backing from US President Donald Trump for the demonstrators. Market analysts pointed out that the immediate support levels for Nifty were in the range of 25,550–25,600, while resistance levels were seen at 25,850–25,900.
In the Asia-Pacific region, markets exhibited mixed trends during the morning session, with a focus on China’s December exports growth data, which significantly surpassed expectations. Japan’s Nikkei 225 index recorded a gain of over 1.5% amid growing speculations that Prime Minister Sanae Takaichi might announce a snap election, possibly in February. Among other Asian markets, China’s Shanghai index and Shenzhen index rose by 1.2% and 1.98%, respectively, while Japan’s Nikkei surged by 1.57%. Hong Kong’s Hang Seng Index also registered an increase of 0.8%, and South Korea’s Kospi advanced by 0.17%.
In the US markets, the Nasdaq closed with a 0.1% decline, the S&P 500 dropped by 0.19%, and the Dow decreased by 0.8%. On January 13, foreign institutional investors (FIIs) offloaded net equities amounting to Rs 1,500 crore, whereas domestic institutional investors (DIIs) were net buyers of equities worth Rs 1,182 crore.
