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Indian Markets Rise on Asian Cues Despite Middle East Tensions

Indian equity benchmarks opened higher, tracking gains in Asian markets despite ongoing Middle East tensions. Metals and oil & gas sectors led the advance, while FMCG and IT indices traded in the red. The rupee regained some ground against the US dollar after a sharp slump in the previous session. Foreign institutional investors were net sellers, while domestic institutional investors provided support with net buying.

Key Points: Indian Stock Markets Gain in Early Trade on Positive Asian Cues

  • Sensex gains 246 points
  • Metals and oil & gas lead sectoral gains
  • Asian markets trade higher
  • FIIs net sellers, DIIs net buyers
  • Rupee recovers from previous slump
2 min read

Indian stock markets gain in early trade over positive Asian cues

Sensex and Nifty gain in early trade, tracking Asian peers. Metals and oil & gas sectors lead, while FIIs remain net sellers.

"The immediate resistance zone of Nifty is placed between 24,600 and 24,650 - market participants"

Mumbai, March 5

The Indian equity markets gained moderately in early trade on Thursday, tracking gains in Asian peers despite rising tensions in the Middle East.

As of 9.30 am, Sensex gained 246 points, or 0.31 per cent, to reach 79,362 and Nifty added 84 points, or 0.35 per cent, at 24,565.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 added 1.02 per cent, and the Nifty Smallcap 100 gained 1.11 per cent.

All sectoral indices traded in green except FMCG and IT, down 0.13 per cent and 0.32 per cent. Nifty metal as well as oil and gas led gains, up 1.23 per cent and 1.43 per cent, respectively.

The Indian benchmark indices closed in red in the previous session, as the widening conflict in the Middle East impacted investment sentiment.

WTI crude oil April Futures went up 3.36 per cent on intraday basis, extending a three-day gain as exports from Iraq and Kuwait could begin shutting down within days if the Strait of Hormuz remains closed.

Rupee slumped 69 paise to touch 92.18 against the US dollar in the previous session, but regained to 91.66 driven by sharp spike in crude oil prices.

The immediate resistance zone of Nifty is placed between 24,600 and 24,650, while support is observed in the 24,300-24,350 range.

Resistance for Bank Nifty is seen in the 59,000-59,100 band, while the 58,400-58,500 zone remains a key support area, market participants said.

In Asian markets, China's Shanghai index gained 0.84 per cent, and Shenzhen added 1.67 per cent, Japan's Nikkei advanced 1.84 per cent, and Hong Kong's Hang Seng Index gained 1.13 per cent. South Korea's Kospi added 9.69 per cent.

The US markets ended in green overnight as Nasdaq advanced 1.29 per cent. The S&P 500 gained 0.78 per cent, and the Dow Jones added 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 of equities worth Rs 12,068 crore.

- IANS

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Reader Comments

S
Sarah B
The volatility is nerve-wracking. One day down because of geopolitics, the next day up on global cues. My SIPs are holding steady, but this rollercoaster isn't for the faint-hearted. The rupee's movement against the dollar is also a key thing to watch.
V
Vikram M
Midcap and Smallcap outperforming again! That's where the real action is for retail investors like us. Metals and Oil & Gas leading the charge makes sense with the crude price spike. Hope the rally sustains beyond early trade.
R
Rohit P
While the gains are welcome, we must be cautious. The article mentions FIIs were net sellers to the tune of nearly ₹8,800 crore. That's a huge outflow. Our markets are too dependent on foreign money. We need stronger domestic foundations.
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Priya S
Sensex at 79k+ feels surreal! Remember when we celebrated crossing 10,000? 😅 The resilience is impressive despite global headwinds. Let's see if IT and FMCG, which are in red today, catch up later in the session.
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Michael C
Interesting to see the correlation with other Asian markets. South Korea's Kospi up 9.69%? That seems like a typo or an anomaly—that's an enormous single-day gain. Might want to double-check that data point.

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