The Indian stock market opened higher on Tuesday, 6 October, with benchmark indices Sensex and Nifty gaining momentum following easing crude oil prices. The BSE Sensex rose 472.77 points, or 0.66%, to close at 72,382.47 on Monday, while the NSE Nifty advanced 133.80 points, or 0.60%, to settle at 22,555.75, signaling a positive start for Indian equities, according to livemint.com.
The market recovery came after a recent losing streak, supported by signs of improving crude shipments from the Middle East and a planned release of emergency oil reserves. WTI crude prices traded around $89–90 per barrel, easing supply concerns. Ponmudi R, CEO of Enrich Money, noted that higher oil flows and reserve releases helped improve market sentiment. Asian markets and US stock futures also closed in green, contributing to the positive outlook.
The easing of crude prices provided relief amid concerns over oil supply, which had weighed on the market. Despite this, challenges remain, including heavy foreign institutional investor selling, rupee weakness, and elevated US Treasury yields. MarketSmith India highlighted key support levels for Nifty at 22,397 and 22,000, with resistance near 22,622 and 23,000, indicating potential volatility ahead unless stronger volumes and breadth emerge.
Immediate market support is expected near the 22,397 level, with a decisive breakdown below 22,000 possibly extending weakness toward 21,800, per MarketSmith India. The next resistance hurdle is the declining 21-day moving average near 23,235, which will be critical for sustained gains in the near term.