Market Opens Strong. |
Mumbai: Indian benchmark stock indices opened higher on Thursday as investors cheered falling crude oil prices and positive global developments. The 30-share BSE Sensex rose 377.40 points to 77,269.54 in early trade. The 50-share Nifty 50 gained 106.70 points to reach 24,113.25.The strong opening reflected improved investor confidence after recent uncertainty in global markets. Oil Prices Fall
One of the biggest reasons behind the market rally was the sharp fall in crude oil prices.
Brent crude, the global oil benchmark, slipped nearly 1 percent to USD 70.79 per barrel.Lower crude oil prices are positive for India because the country imports most of its oil needs. Cheaper oil helps reduce import costs, supports economic growth, and keeps inflation under control.Market experts said this development improved overall sentiment.IT Stocks Lead GainsBuying in major IT stocks also supported the rally.Among top gainers on the Sensex were Infosys, HCL Technologies, Tata Consultancy Services, Tech Mahindra, Eternal, and InterGlobe Aviation.On the losing side, NTPC, Bajaj Finance, Larsen & Toubro, and Bharat Electronics traded lower. Other Positive TriggersAnalysts also highlighted improving macro factors.According to market experts, recent US-Iran diplomatic progress has eased geopolitical worries. This reduced concerns over supply disruptions in the energy market.Strong auto sales in June also lifted sentiment. Passenger vehicle sales are estimated to have risen nearly 25 percent to around 4 lakh units, led by strong demand for vehicles from companies like Maruti Suzuki, Tata Motors, and Mahindra & Mahindra.Foreign investor selling also showed signs of slowing. FIIs sold shares worth Rs 1,140.50 crore on Wednesday, but experts said selling pressure is gradually easing, giving domestic investors more control over market direction.