Indian markets open higher as crude oil prices hover near $70 mark
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
Indian stock markets opened higher on Thursday as crude oil prices eased towards the $70-per-barrel mark, with tankers resuming their exit from the Strait of Hormuz following an initial peace deal between the US and Iran.
Sensex started the session up 400 points or 0.52% at 77,391.07, while Nifty opened at 24,125.85, gaining over 100 points or 0.43%.
Most sectoral indices traded in positive territory, led by Nifty Realty and Nifty Auto, gained up to 1%.
Nifty PSU Bank, Nifty IT, Nifty Pharma, Nifty Oil & Gas, Nifty FMCG and Nifty Private Bank indices also advanced.
However, Nifty Metal was the lone major sectoral loser, declining 0.56%.
From the Nifty pack, Hindalco Industries, Eternal, Bharat Electronics, Power Grid Corporation, ONGC, Infosys, Titan, Tata Steel, JSW Steel, ITC, Asian Paints and Coal India were among the top losers in early trade.
Category-wise, Nifty Microcap 250 gained 0.87%, Nifty Midcap 100 rose 0.63%, Nifty Midcap 50 advanced 0.61%, and Nifty Smallcap 500 climbed 0.59%.
Meanwhile, India VIX -- the market's fear gauge -- slipped nearly 3% to 13, indicating easing volatility.
According to analysts, the technical undertone remains positive as long as the Nifty sustains above the 24,000 mark. Immediate support is placed at 23,900, followed by the 23,790-23,750 zone if profit-booking intensifies.
"On the upside, the 24,090-24,150 zone remains the key resistance area, and a decisive breakout above this supply zone could trigger fresh short-covering, paving the way for a move towards 24,300," they said.
Analysts further noted that supportive global cues and lower crude oil prices favour further gains, although traders should remain watchful of expiry-related volatility and evolving global monetary policy expectations.
Meanwhile, international benchmark Brent crude declined about 2% to around $72 a barrel. Similarly, US West Texas Intermediate (WTI) crude fell 1.83% to trade below the $70-per-barrel mark.
