Sensex jumps over 300 points, Nifty crosses 24,000 on strong opening amid global tensions

The domestic stock markets began the month of May on a positive note with both benchmark indices opening in the green as investors tracked state election results and global developmentsThe Nifty 50 index opened at 2406355 rising 66 points or 028 per cent while the BSE Sensex opened at 7725727 gaining 34377 points or 045 per centMarket participants said sentiment remained supported by positive global cues while domestic factors such as election results are expected to influence nearterm movementAjay Bagga Banking and market expert told ANI that markets are set for a constructive start after the holiday breakIndian markets return today after the Buddha Purnima and Maharashtra Day holiday and are set for a constructive start Gift Nifty futures on the NSE International Exchange were up hinting at a positive opening Domestically attention also turns to state election results today which could inject a nearterm sentiment catalyst he saidHe added that the rupee remains under pressure near record lows while elevated crude oil prices amid tensions around the Strait of Hormuz continue to pose inflation risks for IndiaIT and pharma remain outperformers PSU banks and financials face headwinds Energy stocks will be in sharp focus all week given Project Freedom Bagga saidSectorally most indices on the NSE opened with gains except the Nifty Private Bank index Nifty Auto rose 187 per cent Nifty Realty gained 182 per cent Nifty PSU Bank increased 123 per cent and Nifty Metal was up 084 per cent Nifty IT gained 016 per cent Nifty Pharma rose 032 per cent and Nifty Media added 010 per centMeanwhile geopolitical developments remained in focus Over the weekend there were diplomatic exchanges between Washington and Tehran Iran submitted a 14point response to the US proposal to end the conflict that began on February 28 seeking resolution within 30 days instead of a twomonth ceasefire suggested by the US Iran also confirmed that the US response was conveyed via Pakistan and is currently under reviewV K Vijayakumar said that election results may influence markets in the short term but global factors will play a bigger roleTodays market action may be unduly influenced by the state election results with focus on West Bengal But it is important to note that this will be only a very shortterm sentimental impact The real market trend will be guided by the crude oil prices he saidCrude oil prices remained elevated with Brent crude trading at USD 10848 per barrel at the time of filing this reportIn the commodities market gold prices stood at Rs 151001 per 10 grams for 24 karats while silver prices were at Rs 246302 per kgOn the corporate front several companies including Bharat Heavy Electricals Ambuja Cements Aditya Birla Capital Jindal Stainless Godrej Properties KEI Industries Petronet LNG Ather Energy Exide Industries Manappuram Finance Tata Technologies Wockhardt and Tata Chemicals are set to announce their fourth quarter results for FY26Other Asian markets also showed strong momentum with Japans Nikkei 225 rising 038 per cent to 59513 Singapores Straits Times up 068 per cent Hong Kongs Hang Seng gaining 193 per cent to 26273 Taiwans weighted index surging 420 per cent to 40628 and South Koreas KOSPI rising 422 per cent to 6882This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever