Sensex Up 500 Points, Nifty Climbs 0.6% As Crude Oil Slides Below $73 Per Barrel
· Free Press Journal
Indian equity markets opened on a strong note on Thursday, with benchmark indices Sensex and Nifty rallying sharply in early trade.
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The positive momentum was driven by a decline in global crude oil prices and upbeat trends across Asian markets.
The 30-share BSE Sensex climbed 440.23 points to touch 77,435.76 in early deals, while the 50-share NSE Nifty advanced 137.80 points to reach 24,147.60.
The broad-based gains reflected improved investor sentiment following easing geopolitical concerns and lower energy costs.
Among the Sensex constituents, InterGlobe Aviation, Maruti Suzuki, Mahindra & Mahindra, UltraTech Cement, State Bank of India, and Hindustan Unilever were among the top gainers, benefiting from strong buying interest.
On the other hand, stocks such as Power Grid, Titan, Infosys, and Bharat Electronics traded in the red, limiting overall upside in select pockets.
A key supporting factor for the market was the sharp fall in Brent crude prices, which declined 1.70% to $72.49 per barrel.
Experts believe the drop in oil prices is a major positive for India, a net importer of crude oil, as it helps ease inflationary pressures and improves corporate margins.
Brent falling below the $73 mark is a significant tailwind for domestic equities. Lower crude prices generally improve macroeconomic stability for India, they say.
Crude Oil Prices Fall Further As Supplies Via Hormuz ImproveGlobal cues also supported domestic sentiment. Asian markets traded higher, with South Korea’s Kospi surging over 5%, Japan’s Nikkei 225 rising nearly 4%, and China’s Shanghai SSE Composite edging higher.
However, Hong Kong’s Hang Seng index traded in negative territory. US markets had ended on a subdued note in the previous session.
According to market experts, crude oil prices have been declining steadily as supply concerns ease and geopolitical risk premiums unwind following recent Middle East tensions.
Improved global supply conditions have also contributed to the softening of oil prices.
Foreign Institutional Investors (FIIs) continued to remain net sellers, offloading equities worth ₹1,843.40 crore on Wednesday, as per exchange data.
In the previous trading session, markets had already posted strong gains, with the Sensex rising 790.54 points to close at 76,991.22 and the Nifty advancing 197.55 points to settle at 24,021.65.