Sensex Opens 450 Points Higher, Nifty Near 23,600 Despite Crude Oil Concerns

Domestic equity markets traded higher on Thursday despite concerns over rising crude oil prices and geopolitical tensions, with benchmark indices gaining in early trade due to strong buying in pharma and banking stocks.

The BSE Sensex climbed nearly 462 points, or 0.61 per cent, to touch an intraday high of 75,071, while the Nifty 50 rose around 170 points, or 0.72 per cent, to trade near 23,581 during morning trade.

Investors showed strong interest in pharma and healthcare, metals, chemicals, banking, energy, cement and FMCG stocks, with sectoral indices gaining more than one per cent.

IT stocks, however, remained under pressure as selling continued in major technology companies, including HCLTech, Infosys, Tata Consultancy Services and Tech Mahindra. Shares of these companies fell by up to one per cent during early trade.

India VIX rose more than three per cent to nearly 19, reflecting cautious investor sentiment amid global uncertainties.

Market experts said investors continued shifting funds towards stronger-performing markets such as the US, Japan and South Korea, which could keep foreign investors selling Indian equities and pressure the rupee further.

Analysts said rupee weakness could increase imported inflation, although the pharma and textile sectors may benefit from export demand.

Crude oil prices stayed elevated, with Brent crude rising to 106.18 dollars per barrel and WTI crude reaching 101.74 dollars.

Asian markets traded mixed, as Hong Kong and South Korea edged higher while China and Indonesia declined.

Overnight, Wall Street ended on a positive note, with the S&P 500 gaining 0.59 per cent and the Nasdaq rising 1.2 per cent.

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