After witnessing a massive sell-off in the last session on renewed geopolitical tension in the Middle East and a sharp uptick in crude prices, domestic stock market bounced back on value buying. BSE's 30-share Index Sensex opened slightly high at 76,576.14 as compared to last closing of 76,503.60. The index escalated the gain further on buying sentiment to touch an early high of 77,019, up over 500 points. Nifty50 traded nearly 150 points higher after starting the session green.
Last seen, BSE Sensex was trading at 76,958.21, up 0.59 per cent, up 454.61 points. Nifty50 was quoted at 24,060, up 0.75 per cent, up 177.95 points.
"Indian equity markets opened on a steady note, recovering part of the previous session's losses. However, overall sentiment remains cautious as investors continue to assess the implications of the renewed exchange of military strikes between the United States and Iran, which has kept geopolitical risks elevated," said Ponmudi R, CEO of Enrich Money.
"Concerns over global energy supplies have also intensified after reports indicated that commercial ship traffic through the Strait of Hormuz has slowed significantly following the latest escalation in the region," Ponmudi added.
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Top Gainers And Losers
Gainers: Bharti Airtel, Sun Pharma, Eternal, Asian Paint, Adani Ports, ICICI Bank, SBI, Ultratech Cement, ITC, Reliance, L&T, PowerGrid, SBI, Reliance and L&T were top gainers from the Sensex basket.
Top Losers: Infosys, TCS, Bajaj Finance, NTPC, HCL Tech and Maruti Suzuki were losers.
Meanwhile, the Indian rupee continues to be under pressure amid rising geopolitical uncertainty and rising crude oil prices. The domestic currency is currently trading near 95.5 against the US dollar, reflecting continued demand for the US dollar as a safe haven asset.