Sensex, Nifty open higher as Brent slips below $80

MUMBAI: Indian benchmark indices opened on a firm note on Wednesday amid positive global cues and a sharp correction in oil prices. The Sensex opened sharply at 79,055.38 against the previous close of 78,428.95, rising 626.43 points, and the Nifty started the session at 24,669.20 against the previous close of 24,614.90.

Brent crude fell below USD 80 per barrel and was trading at around USD 78.32 per barrel at the time of reporting, while crude oil was trading at around USD 74.55 per barrel. In the commodity market, gold was trading at around USD 4,127.74 at the same time.

All broad market indices traded in the green; meanwhile, buying was seen in some sectoral indices. Nifty Realty emerged as the strongest gainer, rising 1.62 per cent during the early morning trade. Sensex was trading at around 78,835.23, up 406.28 points or 0.52 per cent, while Nifty was trading at around 24,623.60, up 8.70 points or 0.04 per cent at the time of reporting.

On BSE, Trent, M&M, LT, Kotak Bank, Tech Mahindra, Eternal, Asian Paint, Axis Bank, Infosys among others were the top gainers. Sun Pharma, BEL, Titan among others were the top drags. On NSE, LT, M&M, Wipro, Bajaj Finance, NTPC, HDFC Life, Grasim among others were the top gainers while Sun Pharma, Max Health, Coal India, Cipla, Titan, ONGC, Asian Paint, JSW Steel among others were the top drags.

Market and banking expert Ajay Bagga said that domestic market sentiment will likely remain supported by steady foreign portfolio investor (FPI) equity inflows, Q1 corporate earnings, and favourable legislative momentum following the introduction of key statutory amendments aimed at attracting long-term foreign capital.

“The immediate trading range for the Nifty 50 remains well-defined between support at 24,400-24,300 and overhead resistance near the 25,000 level, with dip-buying continuing to characterize index structure,” Bagga said.

Rajesh Palviya, Head of Research, Axis Direct noted, “Lower crude prices are expected to ease inflationary pressures, improve India’s macro outlook, and provide support to the rupee. The near-term outlook continues to favour the bulls.”

Palviya added that a sustained move above 24,700 could pave the way for a retest of the 25,000 milestone, while 24,400 is expected to act as immediate support, followed by 24,200. “Although the RBI policy announcement remains the key event for the day, supportive global markets, easing crude prices, and improving risk appetite are likely to keep the underlying market sentiment positive,” he noted.

Market analyst Vipin Dixena said the Indian market is witnessing a cautious start as investors await the RBI’s monetary policy decision, which is expected to set the tone for the near term. While the broader market sentiment remains resilient, traders are avoiding aggressive bets ahead of the policy outcome, he noted.

“The ongoing Q1 earnings season continues to create stock-specific opportunities, with companies delivering strong results likely to remain in focus,” he said.

“Nifty continues to hold above its key support levels of 24,600, indicating that the broader trend remains positive. A sustained move above the resistance level of 24,700 could pave the way for further upside, while any failure to hold immediate support may trigger short-term profit booking. Until the RBI policy announcement, I expect the index to remain range-bound with stock-specific action dominating the market,” he noted. (ANI)