Sensex, Nifty Open Higher Despite Rising Crude Oil Prices, Middle East Tensions

Indian equity markets started June on a positive note, with benchmark indices trading higher despite rising crude oil prices and ongoing geopolitical tensions in the Middle East.

The Sensex gained nearly 600 points, or 0.8 per cent, to touch an intraday high of 75,367, while the Nifty rose 185 points, or 0.78 per cent, to 23,733.

Strong buying in technology stocks led the rally and supported broader market sentiment.

The Nifty IT index emerged as the top sectoral gainer, rising around 2 per cent, while the Nifty MidSmall IT & Telecom index advanced more than 1 per cent.

Media, chemical and metal stocks also traded in positive territory, reflecting broad-based investor interest.

FMCG, auto and healthcare stocks traded under pressure. Key laggards included Hindustan Unilever, Mahindra & Mahindra, NTPC, Tata Consumer Products and ITC.

India VIX fell over 1 per cent to around 16, signalling lower market volatility.

Investors continued to track developments in the Middle East, where tensions involving the United States and Iran have raised concerns about global energy supplies.

Reports of fresh US strikes on Iranian facilities and uncertainty over a potential ceasefire have kept markets cautious. These developments pushed crude oil prices higher.

Brent crude rose 2.63 per cent to $93.52 per barrel, while US West Texas Intermediate (WTI) crude gained more than 3 per cent to trade near $90 per barrel.

Despite higher oil prices, investor confidence remained strong. Asian markets also traded mostly higher, with Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s KOSPI posting gains.

The performance highlighted the resilience of Indian equities amid global uncertainties and rising energy costs.

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