Indian markets open higher as crude oil prices hover near $70 mark
Mumbai, June 25
Indian stock markets opened higher on Thursday as crude oil prices eased towards the $70-per-barrel mark, with tankers resuming their exit from the Strait of Hormuz following an initial peace deal between the US and Iran.
Sensex started the session up 400 points or 0.52 per cent at 77,391.07, while Nifty opened at 24,125.85, gaining over 100 points or 0.43 per cent.
Most sectoral indices traded in positive territory, led by Nifty Realty and Nifty Auto, gained up to 1 per cent.
Nifty PSU Bank, Nifty IT, Nifty Pharma, Nifty Oil & Gas, Nifty FMCG and Nifty Private Bank indices also advanced.
However, Nifty Metal was the lone major sectoral loser, declining 0.56 per cent.
From the Nifty pack, Hindalco Industries, Eternal, Bharat Electronics, Power Grid Corporation, ONGC, Infosys, Titan, Tata Steel, JSW Steel, ITC, Asian Paints and Coal India were among the top losers in early trade.
Category-wise, Nifty Microcap 250 gained 0.87 per cent, Nifty Midcap 100 rose 0.63 per cent, Nifty Midcap 50 advanced 0.61 per cent, and Nifty Smallcap 500 climbed 0.59 per cent.
Meanwhile, India VIX -- the market's fear gauge -- slipped nearly 3 per cent to 13, indicating easing volatility.
According to analysts, the technical undertone remains positive as long as the Nifty sustains above the 24,000 mark. Immediate support is placed at 23,900, followed by the 23,790-23,750 zone if profit-booking intensifies.
"On the upside, the 24,090-24,150 zone remains the key resistance area, and a decisive breakout above this supply zone could trigger fresh short-covering, paving the way for a move towards 24,300," they said.
Analysts further noted that supportive global cues and lower crude oil prices favour further gains, although traders should remain watchful of expiry-related volatility and evolving global monetary policy expectations.
Meanwhile, international benchmark Brent crude declined about 2 per cent to around $72 a barrel. Similarly, US West Texas Intermediate (WTI) crude fell 1.83 per cent to trade below the $70-per-barrel mark.
— IANS
Reader Comments
Nifty holding above 24,000 is a strong signal. But I'm a bit worried about the metal sector dragging down. With China's demand slowing down, we might see more pressure on metal stocks. Time to be selective with sector allocation.
As someone who just started investing, seeing VIX drop to 13 is reassuring. But the analyst talk about expiry-related volatility makes me nervous. Any tips for small retail investors who are new to this? 😅
Finally some good news! The Strait of Hormuz peace deal is a game changer for us. We import so much crude, every dollar matters. Kaash our politicians would focus on energy independence too, instead of just vote bank politics.
Is anyone else noticing that our market is getting too dependent on global cues? Every time US sneezes, we catch cold. We need stronger domestic consumption to buffer these shocks. Still, happy to see green numbers today! 🚀
Good to see the market positive, but I'm a bit skeptical about how long this will last. The US-Iran deal is fragile at best. Also, Hindalco and Tata Steel being among the top losers is concerning for the metals sector. Let's see how the week ends.
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