The Indian stock markets started positively on Thursday, following global trends and optimism regarding reduced tensions between the US and Iran. Sensex opened 566 points higher at 78,677, and Nifty began at 24,385, up by 154 points. Sectors like realty, media, consumer durables, and financial stocks saw gains.
Small-cap and mid-cap stocks performed well, with Nifty Smallcap 100, Nifty Smallcap 250, and Nifty Midcap 100 showing up to a 1% increase in early trading. Foreign Institutional Investors (FIIs) were net buyers of around Rs 666 crore, while Domestic Institutional Investors (DIIs) turned net sellers with outflows of about Rs 569 crore on Wednesday.
Market analysts suggest that volatility might increase based on global events and upcoming triggers. Following a recent strong rally, there could be some consolidation or profit booking at higher levels. In contrast, oil prices remained steady, with Brent crude futures at $94.92 per barrel and US WTI crude at $91.52.
Globally, both US and Asian markets displayed positive momentum. Japan’s Nikkei traded over 2% higher, Hang Seng climbed more than 1%, and South Korea’s KOSPI was up about 2%. In the US, Wall Street’s major indices, the S&P 500 and the Nasdaq, closed 0.80% and 1.6% higher, respectively.
US President mentioned that China is pleased with the permanent opening of the Strait of Hormuz. He stated on his social media platform, Truth Social, that China agreed not to supply weapons to Iran. The ongoing conflict has disrupted global oil and gas supplies, leading to crude prices reaching nearly $120 per barrel.
