Stock Market Today: Nifty Above 24,290, Sensex Gains as Crude Oil Prices Ease

Mumbai, March 11: Indian stock markets opened slightly higher on Wednesday as easing crude oil prices improved investor sentiment. However, traders continued to monitor the ongoing geopolitical tensions in the Middle East.

The Nifty 50 index traded at 24,297.80, rising 32.75 points or 0.12 percent in early trade. Meanwhile, the BSE Sensex gained 81.05 points to reach 78,274.93, showing a positive start to the trading session.

Crude Oil Movement Influences Market Sentiment

Market experts said movements in global crude oil prices and developments in the Middle East are currently shaping investor sentiment.

Banking and market expert Ajay Bagga said U.S. markets initially rallied after a social media post by the U.S. Energy Secretary suggested that a tanker had safely crossed the Strait of Hormuz under U.S. Navy escort.

This update caused oil prices to fall sharply, which helped global stock markets rally. However, the post was later deleted and the White House clarified that no U.S. Navy ship was present in the region.

After the clarification, U.S. markets closed slightly lower. Despite this, Asian markets opened with strong gains on Wednesday.

Hopes of Middle East Truce Support Markets

Ajay Bagga also noted that there is growing hope for a possible ceasefire in the Middle East. He said Russia is actively trying to mediate the conflict.

China is also facing challenges due to restricted oil and gas supplies from the Middle East. Because of this, global expectations are rising for a possible truce this week.

At the same time, tensions remain high as Iran continues drone strikes while the United States and Israel continue bombing operations against Iranian targets.

Sectoral Indices Show Mixed Trend

Most sectoral indices on the National Stock Exchange (NSE) traded in the green during early trade.

Nifty Auto rose 0.09 percent
Nifty IT gained 0.29 percent
Nifty Media surged 1.31 percent
Nifty Pharma increased 0.53 percent
Nifty PSU Bank climbed 0.15 percent
Nifty Realty gained 0.57 percent

However, some sectors traded lower:

Nifty FMCG declined 0.10 percent
Nifty Private Bank slipped 0.65 percent

In broader markets, Nifty Midcap 100 rose 0.62 percent and Nifty Smallcap 100 gained 0.79 percent, indicating strong participation beyond large-cap stocks.

Oil Prices Remain Elevated

Crude oil prices have slightly declined but remain higher than the previous month’s average. Currently, crude is trading around USD 87.73 per barrel.

Experts believe global developments may keep oil prices volatile in the coming days.

FII vs DII Battle Continues

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the market continues to see a familiar trend of Foreign Institutional Investors (FIIs) selling while Domestic Institutional Investors (DIIs) keep buying.

He noted that despite FII caution toward Indian equities, strong inflows into domestic mutual funds continue to support the market.

According to him, sectors such as pharmaceuticals, telecom, automobiles, and defence are showing resilience even during market volatility.

Asian Markets Trade Strong

Most Asian markets traded higher on Wednesday.

Japan’s Nikkei 225 jumped 2.35 percent
Taiwan Weighted Index surged 3.82 percent
South Korea’s KOSPI rose 3.47 percent
Hong Kong’s Hang Seng gained 0.32 percent

However, Singapore’s Straits Times Index slipped slightly by 0.03 percent.

Meanwhile, U.S. markets closed with mixed results on Tuesday. The S&P 500 fell 0.21 percent, the Dow Jones declined 0.07 percent, while the Nasdaq remained almost flat.