Sensex, Nifty open in green on easing crude, softer US bond yields

Sensex opened at 74,901.50 against the previous close of 74,858.99 and was trading at around 74,915.28, up 56.29 points or 0.08 per cent at around 9:25 AM. Likewise, Nifty opened higher at 23,454.05 against the previous close of 23,414.30 and was trading at around 23,449.60, up 35.30 points or 0.15 per cent at the same time.

All broad market indices traded in the green; sectorally, Nifty IT emerged as top laggard, shedding over a per cent followed by Nifty Midsmall IT & Telecom. Meanwhile, most sectors traded in the green with Nifty Realty emerged as the top gainer, surging over a per cent.

On NSE, Coal India, HDFC Life, Asian Paint, Indi Go, SBI Life, M&M, HDFC Bank, JSW Steel, Bajaj Finance, Tata Steel, Power Grid, LT, Bajaj Finance among others wer top gainers. HCL Tech, Tech Mahindra, Infosys, Cipla, Bajaj-Auto, Axis Bank among otheres were the top losers during early morning trade.

Likewise, on BSE, Adani Ports, HDFC Life, Indi Go, Asian Paint, Kotak Bank, M&M, Maruti, Trent, LT, Power Grid, NTPC, Eternal among others were the top gainers. HCL Tech, Infosys, Tech Mahindra, Bharti Airtel, Hindustan Unilever, Reliance among others were tp drags.

Market and banking expert Ajay Bagga noted, Global risk appetite staged a high-conviction rebound on Monday, driven by a sharp retreat in crude oil prices, renewed diplomatic posturing between Washington and Tehran, and pre-summit optimism ahead of high-level US-China talks. Wall Street surged to near-record highs, led by a massive rally in tech equities, while global bond yields stabilized.

For India, the tactical setup is decisively constructive: a 4th consecutive day of market gains, a sliding oil risk premium, recovering foreign institutional investor (FII) flows, and positive momentum from GIFT Nifty point to a gap-up opening across domestic indices, as per Bagga.

Expiry day moves expected to be volatile in the last hour, he noted, highlighting Crude oil prices posted a 4th consecutive session of losses, unwinding a significant chunk of their recent geopolitical risk premium.

In the commodity market, Brent crude was trading at around USD 101.24 per barrel while crude oil was trading at around USD 93.03 per barrel at the time of reporting.

Market analyst Vipin Dixena noted, The Indian market has opened on a positive note today supported by easing crude oil prices and softer US bond yields. Nifty has now gained for four consecutive sessions as domestic liquidity is cushioning the market, but sustained FII participation would make this recovery much more convincing.

As per the analyst, the other important factor is crude. The decline towards $100101 is clearly positive for India because it reduces pressure on the rupee, inflation and the country's import bill, he said, adding, Technically, 23,50023,600 is the key resistance zone for me. Nifty needs a convincing move above 23,600 to signal that this recovery is developing into a stronger trend.

Above that, 23,80024,000 becomes possible. On the downside, 23,300 is the immediate support, followed by the crucial 23,000 level. RSI has also improved, indicating that bearish momentum is gradually easing, the analyst noted. (ANI)