Sensex, Nifty Edge Higher as Investors Look Past Global Uncertainty
Mumbai, Apr 29 (BNP): Indian stock markets opened higher on Wednesday, holding firm despite rising crude oil prices and ongoing geopolitical tensions in the Middle East.
The BSE Sensex gained around 400 points, or 0.52%, to trade at 77,289.55 in early deals. The Nifty 50 also moved up by 0.53%, reaching 24,123.55.
Gains were seen across several sectors, with auto stocks leading the rally. Chemicals, real estate, oil & gas, and IT stocks also saw steady buying interest, reflecting positive investor sentiment in domestic markets.
However, not all stocks participated in the rally. Companies such as Hindalco Industries, JSW Steel, Dr Reddy’s Laboratories, Tata Steel, ICICI Bank, Asian Paints, and SBI Life faced selling pressure during the session.
Despite tensions in the Gulf region, markets remained stable for now. Analysts say investors are closely watching developments related to global energy supply, especially after disruptions linked to the Strait of Hormuz.
Crude oil prices continued to rise amid reports that the United States may extend restrictions on Iranian ports, which could tighten global supply. There are also concerns that changes within major oil-producing groups could further impact availability.
Brent crude was up 0.63% at $111.97 per barrel, while US WTI crude rose 0.81% to $100.74.
Global cues were mixed. Japan’s Nikkei declined, while Hong Kong’s Hang Seng posted gains and South Korea’s Kospi traded slightly higher. In the United States, markets ended lower, with both the Nasdaq and S&P 500 closing in the red.
