Indian Markets Open Strong Despite Geopolitical Tensions
The Indian equity markets rebounded sharply on Thursday, July 9, 2026, with both benchmark indices opening higher and sustaining gains despite a spike in global crude oil prices triggered by renewed US-Iran tensions. The Sensex opened at 76,576.14, against the previous close of 76,503.60, while the Nifty opened at 23,928.95, up from 23,882.05. By early trade, the Sensex had surged 319.24 points (0.42%) to 76,822.84, and the Nifty gained 113.45 points (0.48%) to 23,995.50, inching close to the psychological 24,000 mark.
Crude Oil Jumps 6% After Trump Declares Iran Ceasefire Void
Brent crude oil prices surged nearly 6% to around $79 per barrel after US President Donald Trump declared the ceasefire with Iran effectively void, following fresh exchanges of fire in the Persian Gulf. This geopolitical shock weighed on global markets but Indian indices showed resilience, supported by strong buying in banking and energy stocks.
Expert Views: Sectoral Impact and Market Anchors
Ajay Bagga, banking and market expert, commented on the sectoral dynamics: "The Oil and Gas sector, alongside upstream energy explorers, will experience strong structural tailwinds mirroring the surge in global crude prices, though state-run downstream refiners could face pressure on marketing margins if global crude prices sustain their upward momentum." He added that high-beta and interest-rate-sensitive pockets like Automobiles and Realty are likely to face capping pressures due to the sudden spike in global bond yields. Capital Goods and infrastructure plays may witness stock-specific profit booking, while large-cap Banking and Financials will act as the primary market anchor, supported by robust credit growth metrics.
Vikram Kasat, Head Advisory at PL Capital, noted: "Rising oil prices could mean a rebound in gas prices at the pump and higher prices for consumers. US Treasury yields rose, with the 10-year yield up 0.038 percentage point to 4.567%, its highest level since May 22."
Top Gainers and Laggards on BSE
On the BSE, major gainers included Eternal, Titan, Asian Paint, HDFC Bank, ICICI Bank, BEL, SBI, Reliance, Hindustan Unilever, and Tata Steel. In contrast, Infosys, Tech Mahindra, and HCL Tech were among the top drags. Sectorally, most indices traded in the green except pharma and IT, which faced selling pressure.
Global Markets Mixed Amid Middle East Tensions and Fed Minutes
Asian markets rose on Wednesday, led by semiconductor and technology stocks on hopes of strong AI-driven demand, but gains were capped by the oil price surge. Stock indices in Japan, South Korea, and Taiwan gained up to 2%. US markets closed mixed overnight. The Dow Jones Industrial Average fell 1% after Trump's comments on the Iran ceasefire, while the Nasdaq Composite ended higher, supported by semiconductor stocks. The latest FOMC meeting minutes suggested a possible further interest rate hike this year, adding to investor caution. European markets ended lower, with benchmark indices in the UK, Germany, and France each declining around 2%.
Commodities: Gold Falls 1% on Rate Hike Fears
In commodities, gold prices fell 1% to about $4,072 per ounce. Trump's comments raised concerns that renewed conflict could increase inflationary pressures and keep interest rates higher for longer, reducing the appeal of non-yielding assets like gold.
