Brent crude was trading near $92 a barrel after falling more than 2 per cent, while West Texas Intermediate slipped below $85. Investors were awaiting details of possible new US sanctions against Iran, although Tehran has played down the prospect of tighter economic measures.
Market experts said companies reporting robust earnings and issuing favourable guidance continued to attract investor interest. Contract development and manufacturing, healthcare, precision engineering and power infrastructure were among the segments witnessing buying activity.
Analysts, however, advised investors against pursuing stocks trading at stretched valuations.
On the technical front, a weekly hammer formation on the Nifty reinforced important support levels and kept the possibility of a reversal intact. Analysts said the index could advance towards 24,317-24,380 and later 24,400-24,545 if the support zone between 24,000 and 24,060 remained intact.
Market volatility could increase ahead of Tuesday’s futures and options expiry.
In the previous trading session on 21 August, domestic institutional investors extended their buying run to nine sessions, purchasing equities worth Rs 2,124 crore. Foreign institutional investors remained net sellers for a second session and sold shares worth Rs 543 crore.
Elsewhere in Asia, equity markets declined ahead of Nvidia’s earnings and the US Federal Reserve’s annual symposium.
With IANS inputs
