Sensex, Nifty open higher as geopolitical tensions ease

Mumbai, April 16 The Indian stock markets opened on a higher note on Thursday, with the equity benchmarks mirroring global cues amid hopes of easing geopolitical tensions between Washington and Tehran.

Sensex opened 566 points or 0.73 per cent higher at 78,677 in opening trade, while Nifty began the session at 24,385, up 154 points or 0.64 per cent. Sectorally, gains were led by realty, media, consumer durables and financial stocks.

Category-wise, small-cap and mid-cap stocks were the top gainers, with the Nifty Smallcap 100, Nifty Smallcap 250 and Nifty Midcap 100 rising up to 1 per cent in early trade.

On Wednesday, FIIs remained net buyers to the tune of approximately Rs 666 crore, while DIIs turned net sellers with outflows of around Rs 569 crore.

According to analysts, volatility could pick up again depending on global developments and upcoming triggers.

After the recent sharp rally, the market may witness some consolidation or profit booking at higher levels, they added.

In contrast, oil commodities traded on a firm note, with Brent crude futures at $94.92 per barrel, down 0.03 per cent, while US WTI crude traded at $91.52, up 0.25 per cent.

On the global front, both US and Asian markets showed positive momentum. Japan’s Nikkei was trading over 2 per cent higher, Hang Seng climbed more than 1 per cent, and South Korea’s KOSPI was up about 2 per cent.

In the US overnight, Wall Street’s major indices -- the S&P 500 and the Nasdaq -- ended 0.80 per cent and 1.6 per cent higher, respectively.

Meanwhile, the US President said that China is 'very happy' with the permanent opening of the Strait of Hormuz.

"I am doing it for them also - and the world. This situation will never happen again. They have agreed not to send weapons to Iran,” he said on his social media platform, Truth Social.

However, the war has resulted in the largest-ever disruption of global oil and gas supplies by choking traffic through the strait, pushing crude prices to nearly $120 per barrel.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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