Indian Markets Face Cautious Open as Oil Prices Rise on Middle East Tensions

Indian stock market indices are heading toward a flat or muted start on Monday, 28 September 2026, as GIFT Nifty trades around the 23,161.50 level with a drop of 25.20 points. ## Market Drivers and Global Cues Investor sentiment remains cautious due to renewed geopolitical uncertainty and rising crude oil prices following US President Donald Trump's rejection of Iran's proposal to reopen the Strait of Hormuz. US stock futures fell on Sunday evening, with Dow futures dropping over 160 points, S&P 500 futures down 25 points, and Nasdaq futures losing around 100 points. Meanwhile, Brent crude gained 1.27 percent to $105.64 a barrel, and West Texas Intermediate rose 0.76 percent to $93.11 a barrel. Asian markets showed mixed trends, with Japan's Nikkei 225 rising 0.84 percent while South Korea's KOSPI dipped 0.26 percent. ## Domestic Recovery and Technical Outlook This cautious outlook follows a recovery session on Friday, where the BSE Sensex rose 315.20 points to close at 73,895.74 and the NSE Nifty gained 77.40 points to end at 23,140.50, led by value buying in banking, oil and gas, and auto stocks. Analysts note that the Sensex maintains a sideways-to-bearish trend with support between 73,200 and 73,450, while Nifty faces immediate support at 23,000 and resistance in the 23,200 to 23,300 range. ## Context Global stock markets and domestic indices frequently react to energy prices and Middle East trade routes because crude oil imports heavily influence corporate costs and national inflation rates.