Indian benchmark indices opened in the green on Tuesday, tracking positive global cues and a sharp decline in crude oil prices. The BSE Sensex rose 357.22 points or 0.47 per cent to trade at 75,672.26 at 10:49 a.m., while the NSE Nifty50 gained 109.70 points or 0.46 per cent to reach 23,759.65. Earlier in the session, the Nifty50 opened at 23,755.10, up 105.15 points or 0.44 per cent.
Market sentiment improved after global crude oil prices slipped over 2 per cent following the United States’ decision to delay a planned strike on Iran. Brent crude for July delivery fell more than 2 per cent to $109.15 per barrel, while WTI crude declined 1.27 per cent to $107.28 per barrel.
Among sectoral indices, Nifty IT emerged as the top gainer, surging more than 3.5 per cent in early trade. FMCG, PSU Bank, Oil & Gas and Media sectors also witnessed strong buying interest. Pharma, Consumer Durables and Defence indices traded with moderate gains, while Nifty Realty and Nifty Metal were the only sectors in the red.
On the Sensex pack, Infosys, HCLTech, Tata Consultancy Services and Tech Mahindra were among the top gainers during the opening session. The Nifty Realty, Pharma, FMCG and PSU Bank indices also advanced over 0.5 per cent each.
Broader markets mirrored the positive trend, with the Nifty Midcap 100 and Nifty Smallcap 100 indices gaining around 0.6 per cent each. The broader Nifty MidCap and SmallCap indices also traded higher by 0.41 per cent and 0.45 per cent, respectively.
Analysts noted that continued institutional buying by both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) helped stabilise market sentiment after recent corrections. Derivatives data indicated a consolidation phase in the market, with strong put writing at the 23,500–23,300 levels creating a support base, while aggressive call writing at the 23,800–24,000 zone capped further upside.
Meanwhile, most Asian markets traded higher after the easing in oil prices. Japan’s Nikkei gained 0.68 per cent and the Topix index rose 1.16 per cent, while Australia’s ASX 200 climbed 1.08 per cent. South Korea’s Kospi slipped 1.06 per cent, whereas the Kosdaq traded flat. Hong Kong futures, however, remained below the previous close of the Hang Seng index.
Market experts believe volatility may remain elevated ahead of the weekly expiry. Technically, the Nifty50 is expected to stay range-bound unless it decisively breaks above key resistance levels or falls below major support zones amid fluctuations in crude oil prices and currency movements.