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Indian indices see green on the opening bell as domestic markets trade with significant gains on Wednesday morning.
The BSE SENSEX stood at 77,536.67 points, marking an increase of 518.88 points or 0.67 per cent at the start of trade. Simultaneously, the NSE NIFTY 50 showed the upward movement, standing at 24,218.80 points, gaining 186.00 points or 0.77 per cent. At the time of filing this report, gold prices trade higher at USD 4,647.25, reflecting a 2.00 per cent jump. Meanwhile, crude oil prices saw a slight decline, with Brent crude trading at USD 108.02 and West Texas Intermediate at USD 100.39. The Asian Markets are predominantly trading in the green, highlighted by a sharp 6.64 per cent surge in the KOSPI to 7,397.76. Other regional indices also posted gains, including the Shanghai Composite up 1.27 per cent and the Hang Seng rising 0.64 per cent. More modest growth was observed in the Taiwan Weighted index (0.57 per cent), the Jakarta Composite (0.77 per cent) and the Straits Times (0.12 per cent), while the Nikkei 225 remains at 59,513.12 with a 0.38 per cent increase. Ajay Bagga, Banking and Market expert, noted that international developments are steering the current sentiment. "The tailwind from Tuesday's US record close Is carrying through to Asian markets with Kospi hitting another record high and Samsung crossing USD 1 trillion in market capt. However, the broader upside is capped by Brent still sitting above USD 109, the RBA's hawkish forward guidance, and a ceasefire reassessment date of Friday, May 8 that keeps the geopolitical overhang alive," Bagga said. He further highlighted the importance of upcoming economic indicators in the United States that could influence central bank policies. "In data releases, the ADP Employment Survey for April drops at 8:15 AM ET, the last major labour market read before Friday's NFP -- consensus is watching for confirmation of a jobs market slowdown that would give the Fed political cover to hold, even as USD 109 Brent continues to make any dovish pivot structurally indefensible," Bagga added. Looking ahead, he emphasized that the current stability depends heavily on the outcome of international tensions scheduled for later in the week. "The single biggest variable for the rest of the week remains Friday: if the US-Iran ceasefire formally collapses at the May 8 review, every rally since April 7 is on borrowed time. Indian market PCRs are at oversold levels which should provide some support to markets, however persistent FPI selling limits the upside as well. Geopolitics is paramount, then US and global earnings and then the continued AI momentum," he stated. (ANI)
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