Indian stock markets, including the Sensex and Nifty, experienced an upward trend in early trading, buoyed by a significant drop in crude oil prices and robust performance from the information technology sector.
Sensex and Nifty50 Performance: Key Market Highlights Today
- Indian benchmark indices Sensex and Nifty recorded gains in early trade, continuing a positive trend.
- A significant factor contributing to the market rally was the decline in Brent crude oil prices, which fell by 1.44 per cent to $87.09 per barrel.
- Optimism surrounding renewed talks with Iran helped ease concerns about potential oil supply disruptions, leading to lower crude prices.
- The IT sector saw strong buying interest, with major gainers including Tech Mahindra, Tata Consultancy Services, Infosys, and HCL Tech.
- Despite positive domestic cues, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,688.23 crore on Monday.
Market benchmark indices Sensex and Nifty climbed in early trade on Tuesday on lower crude oil prices amid easing geopolitical worries in West Asia.
Buying in IT stocks also supported the positive trend in the markets.
Market Performance Overview
The 30-share BSE Sensex climbed 152.7 points to 76,988.48 in early trade.
The 50-share NSE Nifty went up by 44.95 points to 24,040.90.
Winners and Losers on Dalal Street
From the Sensex pack, Tech Mahindra, Tata Consultancy Services, Infosys, HCL Tech, Hindustan Unilever and Eternal were among the major gainers.
Bharat Electronics, NTPC, Power Grid and State Bank of India were among the laggards.
How Crude Oil Price Impacted Indian Equities
Brent crude, the global oil benchmark, traded 1.44 per cent lower at $87.09 per barrel.
"Crude oil prices extended their decline as optimism over renewed talks with Iran eased concerns about potential supply disruptions," Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,688.23 crore on Monday, according to exchange data.
In Asian markets, South Korea's KOSPI tanked 9.34 per cent. Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were also trading lower.
US markets ended on a mixed note.
