Sensex and Nifty trade marginally higher in early session
Indian equity markets opened on a flat note on Wednesday as global crude prices eased sharply, with Brent Crude falling below $90 per barrel after touching recent highs of around $120.
At around 9:20 am, the BSE Sensex was trading at 78,266.18, up about 60 points. Meanwhile, the Nifty 50 on the National Stock Exchange of India was at 24,289, gaining 28 points.
GIFT Nifty indicated muted start
Earlier, trends on GIFT Nifty signalled a flat to slightly negative opening for Indian markets, with the index indicating a decline of about 62 points, or 0.25%.
In the currency market, the Indian Rupee weakened slightly, slipping 7 paise to 91.92 against the US Dollar in early trade.
Markets rebounded in previous session
Domestic equity benchmarks had rebounded sharply on Tuesday after two days of losses, supported by the steep fall in global crude oil prices.
Brent crude dropped more than 25%, falling from around $115 to below $90 per barrel, improving investor sentiment.
Global markets also rallied between 2% and 7% amid hopes of easing geopolitical tensions after Donald Trump suggested the conflict involving Iran could end soon.
Nifty and Sensex post strong gains
At Tuesday’s close, the Nifty 50 rose 233 points to settle at 24,261, while the Sensex jumped 636 points to finish at 78,202.
Lower crude oil prices lifted sectors that benefit from reduced input costs, including auto, tyre and PSU banking stocks.
Fertiliser stocks also gained on expectations of increased natural gas allocation, while broader markets saw buying interest as investors stepped in for bargain hunting.
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