Indian stock markets opened with modest gains as easing crude oil prices boosted investor sentiment. The Sensex and Nifty traded in the green, supported by positive global cues and strong performance in sectors like IT, auto and media, while investors continue to track Middle East tensions
Representational image. File pic
Indian stock market on Wednesday opened with modest gains as easing crude oil prices supported investor sentiment. Even as geopolitical tensions in the Middle East continued to remain in focus, Indian stock indices opening in green indicates a positive sentiment among the investors.
As per ANI, the Nifty 50 index, soon after opening, traded at 24,297.80, up by 32.75 points or 0.12 per cent, while the BSE Sensex surged to 78,274.93, gaining 81.05 points or 0.10 per cent.
Nifty Auto and Nifty IT open in the green; FMCG slips
Among sectoral indices on the NSE, most sectors were trading in the green. Nifty Auto rose 0.09 per cent, Nifty IT gained 0.29 per cent, Nifty Media surged 1.31 per cent, Nifty Pharma was up 0.53 per cent, Nifty PSU Bank advanced 0.15 per cent, and Nifty Realty gained 0.57 per cent. However, Nifty FMCG slipped 0.10 per cent, and Nifty Private Bank declined 0.65 per cent, as per ANI.
In the broader markets, Nifty 100 surged 0.06 per cent, Nifty Midcap 100 rose 0.62 per cent, and Nifty Smallcap 100 gained 0.79 per cent.
Expert opinions
Market experts said global cues, particularly movements in crude oil prices and developments in the Middle East, are influencing investor sentiment.
Commenting on the market indices, Siddhartha Khemka, head of research, said, “Indian equities rebounded sharply, tracking positive global cues as investor sentiment improved following signs of potential de-escalation in the ongoing West Asia conflict.”
“Markets reacted positively after US President Donald Trump signalled that the war with Iran could come to an end soon, while warning that Iran would face stronger retaliation if it attempts to block oil flows through the Strait of Hormuz,” Khemka added.
Global markets
In other Asian markets on Wednesday, Japan's Nikkei 225 surged 2.35 per cent to 55524, Hong Kong's Hang Seng rose 0.32 per cent to 26042, Taiwan's weighted index jumped 3.82 per cent to 34063, and South Korea's KOSPI gained 3.47 per cent to 5724.
However, Singapore's Straits Times index remained under pressure with a decline of 0.03 per cent to 4859.
Meanwhile, US markets on Tuesday closed almost flat with a mixed trend. The S&P 500 index declined 0.21 per cent to 6781, the Nasdaq index rose marginally by 0.01 per cent to 22697, while the Dow Jones index closed lower by 0.07 per cent to 47706.
Crude oil prices
Apart from Indian stock market indices, crude prices have also moved to the downward side but remain higher than last month's average and are currently trading at USD 87.73 per barrel.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said investors should closely watch some important market trends.
Vijayakumar further added, "One, the FII vs DII game is back to the last year's pattern of sustained selling by FIIs being more than matched by sustained buying by DIIs. Given the continuing indifference of FIIs towards India and the sustaining inflows into Indian equity mutual funds, this game is likely to continue in the near term," as per ANI.
(With inputs from ANI)
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