Indian equity markets began trading on a steady note following a recent rally driven by reduced tensions in West Asia. The Sensex started at 77,086.05, a marginal drop of 0.01%, while the Nifty opened at 24,071.30, down by 0.13%.
In sector performance, Nifty Pharma led as the top gainer with a 0.41% rise, followed by Nifty MidSmall Healthcare, Nifty 500 Healthcare, and Nifty Media, each showing gains of 0.29%. Nifty Cement and Nifty Oil & Gas also saw increases of 0.27% and 0.18%, respectively.
On the flip side, Nifty Metal was the weakest sector, declining by 0.8%, followed by Nifty IT, which fell by 0.77%. Among the Nifty 50 constituents, early trade saw Infosys, Hindalco Industries, TCS, HCLTech, Tech Mahindra, Tata Steel, and Wipro as the top losers.
The broader market displayed resilience, with smallcap and midcap indices outperforming the benchmarks. Nifty Smallcap 50 rose by 0.34%, while Nifty Smallcap 250 and Nifty Smallcap 500 gained 0.33% and 0.28%, respectively.
Market experts attributed the positive outlook to easing tensions in West Asia and the drop in Brent crude prices below $80 per barrel, which bodes well for India’s GDP growth and corporate earnings in FY27. They highlighted the stability in the rupee and a slowdown in foreign portfolio investor selling as favorable factors for equities.
However, experts cautioned that the progress of the monsoon would be closely monitored, as an extended rainfall deficit could impact rural demand, inflation, and sectors like FMCG. In the commodities market, Brent crude fell by 0.5% to $77.51 per barrel, while US West Texas Intermediate (WTI) crude dropped by 0.35% to $73.60 per barrel.
