Domestic equity markets showed gains on Wednesday despite an uptick in crude oil prices and speculation about a potential extension of the US blockade on Iranian ports. The Sensex climbed by 0.52 percent, or 400 points, reaching 77,289.55, while the Nifty also saw a rise of 0.53 percent, or 127.8 points, reaching 24,123.55.
Various sectors, including auto, chemicals, realty, energy, and IT stocks, witnessed increased buying interest. Notably, indices such as Nifty Auto, Nifty Chemicals, Nifty Realty, Nifty Oil & Gas, and Nifty IT were up by varying percentages.
Despite significant developments in the Gulf region, experts suggest that the energy crisis stemming from the closure of the Strait of Hormuz remains unresolved. The surge in oil prices was further fueled by reports indicating a possible exit of the United Arab Emirates from OPEC, heightening concerns over supply disruptions.
Oil prices continued their upward trend, with Brent crude climbing by 0.63 percent to $111.97 per barrel and US WTI crude gaining 0.81 percent to $100.74. Meanwhile, global market performances were mixed, with Asian markets showing varied movements and Wall Street closing on a negative note.
