Indian benchmark indices Sensex and Nifty climbed in early trade on Wednesday, propelled by buying in blue-chip stocks such as Reliance Industries, ICICI Bank, and easing crude oil prices. The 30-share BSE Sensex surged 303.73 points to 74,222.49 in early deals, while the 50-share NSE Nifty advanced 85.40 points to 23,327.50.
Top Gainers and Laggards
Among the 30 Sensex constituents, Hindustan Unilever, Reliance Industries, Kotak Mahindra Bank, Asian Paints, Trent, and ICICI Bank emerged as the top winners. On the other hand, Tata Steel, Eternal Ltd, Adani Ports, and Tech Mahindra were among the laggards, dragging the indices slightly.
Crude Oil Prices and Market Sentiment
Global oil benchmark Brent crude traded at approximately USD 91.90 per barrel, reflecting a softening trend. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted, "The market is likely to largely ignore the escalation of the conflict in West Asia as a one-off. The softness in crude price indicates that. Despite the escalation, Brent crude continues to trade below the USD 93 level." He also highlighted a significant trend in global markets: the fatigue creeping into the AI trade.
Global Market Cues
Asian markets presented a mixed picture, with South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite, and Hong Kong's Hang Seng index all trading lower. US markets ended mostly lower on Tuesday, adding to cautious global sentiment.
Hariprasad K, Research Analyst and Founder of Livelong Wealth, commented, "For Indian markets, a key positive is the cooling in crude oil prices. Brent crude has slipped below recent highs, easing some pressure on India's inflation outlook and current account concerns."
FII Activity and Previous Session
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,566.03 crore on Tuesday, as per exchange data. In the previous trading session, the Sensex had climbed 394.50 points, or 0.54 per cent, to settle at 73,918.76, while the Nifty ended 119.10 points, or 0.52 per cent, higher at 23,242.10.
