Mumbai, August 5: The Indian stock market opened on a positive note on Wednesday, buoyed by easing global tensions. During the early trading session, the Sensex rose by 626.43 points or 0.80 percent, reaching 79,055.38, while the Nifty gained 54.30 points or 0.22 percent, climbing to 24,669.20.
The market’s upward momentum was supported by gains in real estate and infrastructure stocks. The Nifty Realty and Nifty Infra indices emerged as the top gainers. Other indices such as Nifty India Defense, Nifty PSU Bank, Nifty Metal, Nifty Auto, Nifty Oil and Gas, Nifty Commodities, and Nifty PSE also experienced positive trading.
Conversely, sectors like Nifty FMCG, Nifty Healthcare, Nifty Pharma, Nifty Private Bank, and Nifty Consumer Durables were in the red.
In the Sensex pack, notable gainers included Indigo, M&M, Bajaj Finserv, L&T, Trent, Bharti Airtel, Tech Mahindra, Bajaj Finance, Kotak Mahindra Bank, and Maruti Suzuki. On the downside, Sun Pharma, Titan, TCS, and BEL were among the losers.
Experts attribute the market’s optimism to a statement from U.S. Treasury Secretary Scott Basant, who indicated that a deal with Iran to reopen the Strait of Hormuz could be imminent. This development has led to a significant drop in crude oil prices, which is beneficial for India’s economy, as the country imports over 80 percent of its crude oil needs.
Additionally, investors are eagerly awaiting the decisions from the Reserve Bank of India’s Monetary Policy Committee (RBI-MPC), which will be announced at 10 AM.
Most Asian markets were also trading higher, with Tokyo, Shanghai, Seoul, and Jakarta in the green. Hong Kong remained flat. The U.S. stock market closed strongly on Tuesday, with the main indices, including the Dow Jones, rising by 1.71 percent and the Technology Index by 2.59 percent.
In the international market, benchmark Brent crude fell by 1.35 percent to $78.29 per barrel, while WTI crude dropped by 1.68 percent to $74.50 per barrel.
Foreign investors continue to be active buyers in the Indian stock market. On Tuesday, foreign institutional investors (FIIs) invested ₹2,446.47 crore in the equity market, while domestic institutional investors (DIIs) withdrew ₹936.14 crore.
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