Indian equity benchmark indices started the day on a positive note on Wednesday, following gains in Wall Street and Asian markets. The Sensex opened higher at 77,192.76, up over 100 points or 0.18%, while the Nifty began at 24,085.85, showing an increase of 33.80 points or 0.14%. Financial and banking stocks led the early gains, with Nifty Financial Services Ex-Bank emerging as the top gainer, rising by around 1%.
Sector-wise, Nifty IT stocks faced pressure, with Nifty IT being the worst-performing sector, declining by 1.38%. On the other hand, Nifty Chemicals and Nifty Private Bank saw gains of 0.71% and 0.58% respectively. Market experts suggest that the Nifty may trade within a range of 23,900 to 24,250 unless a new trigger emerges, with strong support seen around the 24,000 level.
In the commodities market, Brent crude surged by about 2% to trade above $85 a barrel, while US West Texas Intermediate (WTI) crude rose by 1.57% to $80.59 a barrel. Major Asian indices like Nikkei, Hang Seng, and KOSPI traded in the green in early sessions, following a positive trend. Overnight, Wall Street closed higher, with the S&P 500 and Nasdaq posting gains of 0.38% and 0.90% respectively.
