Indian equity markets opened on a moderately positive note on Thursday morning, following gains across major Asian markets. Investors appeared cautiously optimistic despite escalating tensions in the Middle East, which had weighed on sentiment in the previous session.
At around 9:30 a.m., the Sensex was trading higher by 246 points, or 0.31 percent, at 79,362. Meanwhile, the Nifty 50 gained 84 points, or 0.35 percent, to reach 24,565.
Broader markets mirrored the positive trend. The Nifty Midcap 100 rose by 1.02 percent, while the Nifty Smallcap 100 advanced 1.11 percent, indicating strong participation beyond the benchmark indices.
Most sectoral indices traded in positive territory during early trade. Metal and oil & gas stocks led the rally, climbing 1.23 percent and 1.43 percent respectively. However, a few sectors lagged behind, with FMCG and IT stocks slipping slightly by 0.13 percent and 0.32 percent.
The cautious mood in the market stems partly from developments in the Middle East. Rising geopolitical tensions had pushed markets lower in the previous session, raising concerns among investors about potential disruptions in global energy supply.
Crude oil prices continued to surge. WTI crude oil April futures jumped more than 3 percent during intraday trading, marking a third consecutive day of gains. The increase comes amid fears that exports from Iraq and Kuwait could face disruptions if the Strait of Hormuz remains closed.
Currency markets also reflected the volatility. The Indian rupee had weakened sharply in the previous session, falling 69 paise to 92.18 against the US dollar. However, it later recovered to around 91.66 as rising crude oil prices influenced trading activity.
From a technical perspective, analysts believe the Nifty 50 faces immediate resistance between 24,600 and 24,650. Key support for the index is seen in the 24,300–24,350 zone. For the Bank Nifty, resistance is expected in the 59,000–59,100 range, while support is likely around 58,400–58,500.
Global cues also supported the positive start. Asian markets traded higher, with Japan’s Nikkei rising 1.84 percent, Hong Kong’s Hang Seng gaining 1.13 percent, and China’s Shanghai Composite climbing 0.84 percent. Shenzhen markets also saw strong buying interest with gains of 1.67 percent, while South Korea’s Kospi edged higher.
Overnight, US markets ended the session in positive territory. The Nasdaq climbed 1.29 percent, the S&P 500 added 0.78 percent, and the Dow Jones Industrial Average advanced 0.49 percent.
Institutional activity showed mixed trends in the previous trading session. Foreign institutional investors (FIIs) were net sellers, offloading equities worth ₹8,752 crore. However, domestic institutional investors (DIIs) provided support to the market, purchasing shares worth ₹12,068 crore.
With global cues remaining supportive but geopolitical risks still looming, market participants are likely to stay cautious while watching key resistance and support levels in the coming sessions.