Sensex, Nifty rise on crude slump, Iran ceasefire hopes; ICICI Bank leads early gains

Key resistance for Nifty is seen at 24,400–24,550, with support at 24,200–24,100.

Markets opened higher on Wednesday, August 26, 2026, tracking a sharp decline in crude oil prices and easing geopolitical tensions around the Strait of Hormuz. The Nifty 50, which closed at 24,334.55 on Tuesday, opened at 24,341.95 and was trading at 24,333.70, down 0.85 points or 0.00 per cent, as of 9.20 am. The Sensex, which ended the previous session at 77,656.09, opened at 77,892.10 and was quoting at 77,833.88, up 177.79 points or 0.23 per cent.

The positive opening was in line with Gift Nifty signals, which had indicated a gap-up start around the 24,500 mark. Brent crude eased to around $85–86 per barrel, extending a nearly 4 per cent decline over two sessions, after reports emerged that Iran and Oman had resumed discussions on keeping the Strait of Hormuz open for navigation. The US also stopped short of imposing its harshest sanctions on Iran, further reducing the geopolitical risk premium.

“There are two factors which are positive for the market today,” said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments. “News of another ceasefire between the U.S. and Iran and initiatives for resuming shipping through the Strait of Hormuz have brought down the Brent crude rate to $86.3. Since a rally in the Indian market has been mainly constrained by the elevated crude prices, this sharp dip in crude is a positive.”

Gainers and losers

Among the Nifty 50 gainers in early trade, ICICI Bank rose 1.29 per cent to ₹1,441.10, opening at ₹1,423.10 against a previous close of ₹1,422.70. SBI Life Insurance gained 1.12 per cent to ₹1,774.60, while Asian Paints advanced 1.03 per cent to ₹2,666.90 from its previous close of ₹2,639.80. HDFC Life Insurance moved up 0.94 per cent to ₹551.85, and UltraTech Cement rose 0.90 per cent to ₹11,644.00 from ₹11,540.00.

On the losing side, Shriram Finance fell the most, declining 1.84 per cent to ₹1,117.50 against a previous close of ₹1,138.50. Max Healthcare dropped 1.46 per cent to ₹1,001.20, while Tata Steel slipped 1.16 per cent to ₹184.77 from ₹186.94. Apollo Hospitals shed 1.15 per cent to ₹8,787.00, and Infosys fell 1.01 per cent to ₹1,132.50 from a previous close of ₹1,144.00.

Traders noted that Tuesday’s session, the August F&O monthly expiry, saw the Nifty recover more than 200 points from its intraday low of 24,115.45, forming a bullish engulfing candlestick pattern. India VIX remained subdued at 11.08. Foreign institutional investors (FIIs) extended their buying streak into a second consecutive session, purchasing equities worth ₹1,593 crore, while domestic institutional investors (DIIs) added ₹230 crore.

“The recovery suggests some buying interest returning to the market,” said Gaurav Udani, Founder of ThinCredBlu Securities. “With the broader market still volatile, traders can consider a buy-on-dips strategy, preferably near key support levels rather than chasing the gap-up opening.”

Rollover data from the August expiry showed market-wide rollovers at 91 per cent, above the three-month average of 90 per cent, with Nifty rollovers at 78 per cent against a three-month average of 74 per cent. FPI net short positions in index futures stood at approximately $3.14 billion, down from $3.45 billion at the previous expiry, raising the possibility of short covering in coming sessions.

On the sectoral front, dealers flagged short covering in IT stocks and long build-up in metals, chemicals, and telecom. However, Dr Vijayakumar cautioned that “…many mega caps in the Nifty are technically weak. The market rally will be led by the broader market which is driven by supporting fundamentals and momentum. It is also important to note that valuations in the broader market are getting stretched.”

Key resistance for Nifty is seen at 24,400–24,550, with support at 24,200–24,100. For Bank Nifty, which closed at 57,514.20 on Tuesday, resistance lies at 57,700–58,000, while support is placed at 57,300–57,000.

Investors will also track Nvidia’s quarterly earnings, with consensus pegged at EPS of $2.09 on revenue of $92.28 billion, which analysts expect to set the tone for global technology stocks. Wednesday is also a settlement holiday for equity markets, meaning funds and securities from Tuesday’s trades will not be transferred today.

Published on August 26, 2026