The Indian equity market opened in the green on Thursday, witnessing a rally in both indices after crude oil prices remained around $105 a barrel in early trade. The BSE Sensex climbed over 500 points in early trade, while the Nifty reclaimed the 23,800 mark.
The Sensex surged 522.67 points, or 0.69 per cent, to 75,841.06, while the Nifty advanced 165 points, or 0.70 per cent, to 23,824 in early trade.
Investor sentiment improved after US President Donald Trump indicated that negotiations with Iran were in the final stages, easing fears of immediate escalation. Though nothing can be said with certainty when it comes to Donald Trump, as demonstrated in the past.
Crude oil prices witnessed a steep decline of 5.6 per cent overnight on Wednesday and remained near $105.50 per barrel in early trade.
While it reclaimed some strength, the softer prices are seen as a major relief for India, which remains fully dependent on crude imports.
Asian markets also advanced after strong earnings from Nvidia and easing labour tensions at Samsung Electronics.
Market Overview—
The market’s rebound without retesting the 23,300 support zone signals strong buying interest, keeping the possibility of a breakout alive above 23,670-23,730, with upside targets seen at 23,900-24,430 while support shifts higher to 23,600.
Follow us
