Mumbai: Indian benchmark indices Sensex and Nifty rebounded in early trade after the United States indicated that the Iran war may be nearing an end. The easing of geopolitical tensions pushed crude oil prices lower and lifted investor sentiment in the equity markets.
As of 9.29 am, Sensex added 413 points, or 0.53 per cent, to reach 77,979, and Nifty gained 112 points, or 0.47 per cent to reach 24,140.
Main broad-cap indices performed in line with the benchmarks, with the Nifty Midcap 100 gaining 1.05 per cent and the Nifty Smallcap 100 adding 1.32 per cent.
All sectoral indices traded in green except Nifty IT as well as oil and gas, down 0.54 per cent and 0.47 per cent, respectively. Nifty auto, pharma and consumer durables were among the top gainers, up 1.47 per cent, 1.28 per cent and 1.95 per cent, respectively.
Near-term resistance for Nifty is placed between 24,200 and 24,250, while strong support is seen in the 23,900–23,950 range. Resistance for Bank Nifty is seen between 56,300 and 56,400, while support is located in the 55,700–55,800 zone, market participants said.
Trump suggested that the US–Israel conflict with Iran could end soon, triggering a decline in crude oil prices and the US dollar, helping restore risk appetite across global markets.
Oil prices dipped over 10 per cent before partial rebound after Trump said he was considering seizing control of the Strait of Hormuz, also adding that the war is “complete” and will be over “very soon”, according to multiple reports.
In Asian markets, China’s Shanghai advanced 0.39 per cent, and Shenzhen added 1.57 per cent, Japan’s Nikkei moved up 2.35 per cent, and Hong Kong’s Hang Seng Index surged 1.76 per cent. South Korea’s Kospi gained 4.8 per cent.
The US markets ended in green overnight as Nasdaq added 1.38 per cent. The S&P 500 gained 0.83 per cent, and the Dow Jones advanced 0.5 per cent.
In the near term, markets are likely to remain volatile with investors closely tracking geopolitical developments, crude oil trends, and global risk sentiment for clearer directional signals, analysts said.
On March 9, foreign institutional investors (FIIs) in India net sold equities worth Rs 6,345 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 9,013 crore.
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Photo: IANS
—IANS
