Indian equity benchmarks opened higher on Wednesday, supported by a sharp decline in crude oil prices, with Brent crude falling more than 2 per cent.
The Sensex opened 236.01 points, or 0.30 per cent, higher at 77,892.10, while the Nifty gained 7.40 points, or 0.03 per cent, to open at 24,341.95.
Sectoral performance varied in early trade, with PSU banking stocks leading the gains.
The Nifty PSU Bank index rose 1.4 per cent, followed by Nifty Realty, which gained 0.66 per cent, and Nifty Mid Small Financial Services, up 0.48 per cent.
Nifty Private Bank advanced 0.46 per cent, while the Metal index emerged as the biggest laggard, declining 0.51 per cent. Auto fell, while Healthcare, FMCG and Consumer Durables slipped by up to 0.26 per cent.
Market sentiment was supported by easing crude prices amid reports of another ceasefire between the US and Iran and efforts to resume shipping through the Strait of Hormuz.
Brent crude was trading around $86 per barrel, down more than 2 per cent.
A decline in US bond yields supported global equities, with the 10-year Treasury yield at 4.64 per cent.
Analysts said the factors supporting the market may not be enough to trigger a sharp Nifty rally as several heavyweight stocks remain technically weak.
The broader market will likely provide leadership, supported by fundamentals and momentum, although stretched valuations remain a concern.
Experts said the previous session’s rise will likely mature around the 24,400 level, with the Nifty potentially extending gains towards 24,550 or 24,820. On the downside, 24,220 remains a key marker.
Global Market Cues
Asian markets traded mixed despite lower crude prices. Sentiment remained cautious after US index futures edged lower as investors awaited Nvidia’s earnings announcement.
International benchmark Brent crude declined 2.81 per cent to around $86 per barrel, while US West Texas Intermediate crude traded near $80.10 per barrel.
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