Indian equities open higher tracking gains across Asian markets

Indian equity markets opened on a positive note on Thursday, with benchmark indices registering moderate gains in early trade, following an upbeat trend across Asian markets even as geopolitical tensions in the Middle East continued to weigh on investor sentiment.

At around 9.30 am, the BSE Sensex was up 246 points, or 0.31 per cent, at 79,362, while the Nifty 50 advanced 84 points, or 0.35 per cent, to 24,565.

Broader market indices also traded in line with the benchmarks. The Nifty Midcap 100 rose 1.02 per cent and the Nifty Smallcap 100 gained 1.11 per cent in early deals.

Most sectoral indices were trading in positive territory, with the exception of FMCG and IT stocks, which slipped 0.13 per cent and 0.32 per cent respectively. Gains were led by the metal and oil and gas sectors, with the Nifty Metal climbing 1.23 per cent and the Nifty Oil & Gas rising 1.43 per cent.

The benchmarks had ended the previous trading session in negative territory as escalating tensions in the Middle East dampened market sentiment.

Meanwhile, global crude prices continued to rise. West Texas Intermediate crude oil April futures climbed 3.36 per cent intraday, extending a three-day rally amid concerns that oil exports from Iraq and Kuwait could face disruption if the Strait of Hormuz remains closed.

In the currency market, the Indian rupee had weakened by 69 paise to 92.18 against the US dollar in the previous session, though it later recovered to 91.66, partly supported by the surge in crude oil prices.

Market participants noted that the immediate resistance for the Nifty is seen in the 24,600–24,650 range, while support is placed between 24,300 and 24,350. For the Nifty Bank, resistance is expected around 59,000–59,100, with key support between 58,400 and 58,500.

Across Asia, major markets traded higher. China’s Shanghai Composite Index rose 0.84 per cent, while the Shenzhen Component Index gained 1.67 per cent. Japan’s Nikkei 225 advanced 1.84 per cent and Hong Kong’s Hang Seng Index climbed 1.13 per cent. South Korea’s Kospi also traded higher.

Overnight, US markets ended in the green, with the Nasdaq Composite gaining 1.29 per cent. The S&P 500 rose 0.78 per cent, while the Dow Jones Industrial Average added 0.49 per cent.

According to market data for March 4, foreign institutional investors (FIIs) were net sellers of equities worth Rs 8,752 crore, whereas domestic institutional investors (DIIs) remained net buyers, purchasing shares valued at Rs 12,068 crore.

With IANS inputs