The Indian equity market witnessed a muted opening in early trade on Thursday following mixed developments from West Asia, where the US and Iran signed a peace memorandum while Israel continued targeting Lebanon. Indian benchmark indices opened flat, with the Sensex trading at 77,119.39, down 36.23 points or 0.047 per cent, while the Nifty stood at 24,086.60, marginally higher by 0.90 points or 0.0037 per cent, tracking mixed global cues.
Both domestic and international investors are assessing mixed global signals, including softer crude oil prices and the US Federal Reserve’s decision to hold interest rates steady.
Although lower crude oil prices have boosted market sentiment and eased pressure on India’s inflation and current account balance, expectations of possible US rate hikes later this year continue to limit risk appetite.
Brent crude oil prices have also declined after Iranian oil tankers began passing through the Strait of Hormuz following the lifting of the US naval blockade. The decline in energy prices has supported Indian equities. The Sensex and Nifty have gained sharply over the past four sessions.
Meanwhile, Asian markets remained mixed, while Wall Street ended lower after the Fed’s cautious commentary.
Foreign institutional investors, along with domestic investors, have continued selling billions of dollars’ worth of equities and holdings around the world. However, BSE shares have gained attention in India over the past two days.
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