Sensex and Nifty Open Higher as Rupee Strengthens to 94.78 

Indian equity benchmarks opened in the green on Wednesday, October 21, after the Dussehra break. Sensex and Nifty opened higher, with Sensex up 400 points and Nifty up 127 at the open. The rupee also gained 15 paise to open at 94.78 against the US dollar, from Tuesday’s close of 94.93. 

Gaurav Udani of Thincredblu Securities expected Nifty to open near 23,000. He sees resistance at 23,000-23,100 and support at 22,800-22,900, and advises traders not to chase the early move. Buying on dips can work while Nifty holds that support, he said, but a decisive break below it could bring fresh weakness. 

The Jio IPO opens for subscription today. It values Jio Platforms at Rs 10.3 lakh crore, which would make it India’s largest public issue by value if it goes through. 

Gold fell for a fourth straight session, according to Gaurav Garg of Lemonn, as higher crude oil prices feed inflation worries. Markets expect the US Federal Reserve to hold rates at its October 27-28 meeting, but a December hike remains a concern. WTI crude is supported by Middle East supply risks, including threats to Red Sea shipping and Saudi energy infrastructure. The US dollar index is near 101.78. 

Even as Sensex and Nifty open higher, the mood is cautious. Global events and crude oil prices could keep intraday swings sharp. The stronger rupee against the US dollar offers some relief, but Garg warns that sustained high crude oil prices could raise import costs and inflationary pressure. 

The first test is whether Sensex and Nifty open higher and then hold above 23,000 by the close. Investors will also track demand for the Jio IPO, since a strong response could shape sentiment. Next week brings the Fed meeting and US inflation data, including the PCE report.