Indian equity benchmarks opened higher on Monday, ending a five-session losing streak, as easing tensions in West Asia and a decline in crude oil prices supported global market sentiment and lifted domestic equities.
At 9:23 a.m., the BSE Sensex was trading 565.08 points, or 0.74%, higher at 76,624.85, while the NSE Nifty 50 gained 163.75 points, or 0.69%, to 23,931.20. Global market gains, expectations of reduced geopolitical tensions in West Asia, and softer crude oil prices were cited as the primary factors supporting the market's advance.
All 30 constituent stocks of the Sensex were trading in positive territory during early trade. InterGlobe Aviation (IndiGo) emerged as the top gainer, with its shares rising about 2.84%. Shares of Eternal, Infosys, Bajaj Finance, Asian Paints, Hindustan Unilever, ITC, TCS, Bajaj Finserv, Tech Mahindra, Mahindra & Mahindra, and Tata Steel also traded higher.
The broad-based buying trend was reflected in the absence of any declining Sensex constituent during early trading.
The Nifty 50 also recorded gains in early trade, led by InterGlobe Aviation, Tata Consumer Products, and Eternal. In the broader market, the Nifty Midcap Index was up about 0.98%, while the Nifty Smallcap Index gained around 0.86%, indicating buying interest across mid-cap and small-cap stocks in addition to large-cap shares.
Among sectoral indices, the Nifty IT, Nifty Media, and Nifty FMCG indices posted the best gains in early trade. The Nifty Oil & Gas Index recorded the comparatively smallest increase among the sectoral indices.
The Indian rupee also opened ber against the US dollar alongside the equity market rally. After closing at 96.5625 in the previous trading session, the rupee opened about 0.4% higher at 96.1475.
A sharp decline in crude oil prices also contributed to the positive global market sentiment. According to the report, crude oil prices fell by about 7.44% to a low of US$89.58 per barrel. Following two weeks of military tensions between the United States and Iran, the cessation of attacks has strengthened expectations of progress in diplomatic talks in West Asia, easing concerns over oil supplies.
