Indian equity markets witnessed moderate gains in early trading on Thursday, supported by positive cues from Asian markets even as geopolitical tensions in the Middle East continued to weigh on global sentiment.
At around 9:30 AM, the BSE Sensex rose 246 points, or 0.31 per cent, to 79,362, while the Nifty 50 advanced 84 points, or 0.35 per cent, to 24,565.
Broader markets also traded in line with the benchmarks. The Nifty Midcap 100 gained 1.02 per cent, while the Nifty Smallcap 100 rose 1.11 per cent in early trade.
Most sectoral indices traded in positive territory, except the Nifty FMCG and the Nifty IT, which declined by 0.13 per cent and 0.32 per cent, respectively.
Gains were led by the Nifty Metal and the Nifty Oil & Gas, which advanced 1.23 per cent and 1.43 per cent.
In the previous session, benchmark indices had closed lower as escalating tensions in the Middle East dampened investor sentiment.
Crude oil prices continued to rise amid concerns over potential supply disruptions. West Texas Intermediate crude oil April futures climbed 3.36 per cent intraday, extending a three-day rally amid fears that exports from Iraq and Kuwait could be affected if the Strait of Hormuz remains closed.
The Indian Rupee had earlier weakened by 69 paise to 92.18 against the US dollar in the previous session, but later recovered to 91.66 as crude oil prices surged.
Market participants indicated that immediate resistance for the Nifty is between 24,600 and 24,650, while support lies in the 24,300–24,350 range. Analysts see resistance for Nifty Bank at 59,000–59,100 and support at 58,400–58,500.
Asian markets traded higher, with gains in the Shanghai Composite, Shenzhen Component Index, Nikkei 225, Hang Seng Index and Kospi.
In the United States, markets closed higher overnight, with the Nasdaq Composite rising 1.29 per cent, the S&P 500 gaining 0.78 per cent, and the Dow Jones Industrial Average advancing 0.49 per cent.
On March 4, foreign institutional investors (FIIs) net sold equities worth Rs 8,752 crore, while domestic institutional investors (DIIs) were net buyers worth Rs 12,068 crore.
Also Read: Indian Rupee Hits Record Low Past 92 Per Dollar As Oil Prices Climb
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