Indian equity markets saw gains on Wednesday, with Sensex and Nifty rising nearly 1% each in early trading, buoyed by global cues and optimism regarding West Asia tensions. Sensex climbed 0.85% to reach 77,675, while Nifty traded at 24,250, up 0.90% from the previous close. Various sectors like Nifty PSU Bank, Nifty Private Bank, Nifty Auto, Nifty Metal, and Nifty IT also showed positive movements, advancing by almost 2%.
Analysts expressed cautious optimism about the market sentiment, emphasizing the need for a sustained daily close above 24,250 to further the rally. They highlighted key levels to watch, mentioning potential consolidation if certain levels are breached. The positive market outlook was supported by falling oil prices and hints of a peace deal between the US and Iran, contributing to hopes of easing tensions in the region.
Oil prices dropped for the second consecutive day, with Brent crude falling over 2% to $107.56 per barrel and WTI declining 3% to $99.12 per barrel. The global market scenario also showed positive momentum, with Asian markets like Nikkei, Hang Seng, and KOSPI posting gains. Similarly, Wall Street indices, S&P 500 and Nasdaq, closed higher, reflecting the overall positive market sentiment.
