Mumbai, July 9 : Indian benchmark indices opened in positive territory on Thursday, shrugging off mounting geopolitical tensions in the Middle East and a rise in global crude oil prices as gains in banking, auto and consumer-focused stocks supported investor sentiment.
The BSE Sensex rose about 250 points, or 0.32%, to an intraday high of 76,752 in early trade, while the NSE Nifty advanced 46.90 points, or 0.20%, to trade at 23,928.95, moving above the 23,900 mark.
Sectoral performance remained mixed. Consumer durables led the gains, with the Nifty Consumer Durables index climbing 1.39%. The Nifty Mid-Small Financial Services index gained 0.95%, followed by Nifty Cement, up 0.69%, and Nifty Private Bank, which added 0.66%. Public sector banks and auto stocks also traded higher, rising 0.64% and 0.62%, respectively.
In contrast, information technology stocks remained under pressure. The Nifty IT index declined more than 1%, making it the worst-performing sector during the morning session. Shares of Infosys, HCLTech, Tech Mahindra, TCS, Dr. Reddy’s Laboratories and Hindalco Industries fell between 1% and 2%.
Market participants remained cautious amid renewed geopolitical uncertainty after U.S. President Donald Trump said the United States had carried out fresh overnight airstrikes on Iran in response to attacks on commercial vessels passing through the Strait of Hormuz. Trump also said further negotiations with Iran would be “a waste of time,” raising concerns over a prolonged regional conflict.
The developments lifted oil prices, with Brent crude rising 1.49% to around $80 a barrel and U.S. West Texas Intermediate (WTI) crude gaining more than 2% to trade near $75 a barrel.
Despite the increase, analysts said crude prices around the $80-a-barrel level are not expected to pose an immediate challenge for India. They added that sustained foreign institutional investor (FII) inflows and relatively stable energy prices could continue to support large-cap stocks, particularly in the banking and automobile sectors.
Elsewhere in Asia, markets traded mixed. Japan’s Nikkei gained nearly 2%, while Hong Kong’s Hang Seng index fell about 1%, reflecting cautious investor sentiment across the region.
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