Nifty up 100 pts, Sensex open at 77,245 despite Brent crude at USD 111

Mumbai (Maharashtra) [India], April 29 (ANI): The domestic stock markets opened on a positive note on Wednesday even as uncertainty in West Asia and disruptions in the global energy sector continued to weigh on sentiment.
The Nifty 50 index opened at 24,096.90, gaining 101.20 points or 0.42 per cent, while the BSE Sensex opened at 77,245.83, up 358.92 points or 0.47 per cent.
Market experts said that despite ongoing geopolitical tensions, Indian markets are showing resilience, supported by expectations of stability and positive momentum from the previous month.
Ajay Bagga, Banking and market expert, told ANI that the situation in the Gulf remains uncertain, with mixed signals emerging on the US-Iran developments.
He said, "The Gulf situation remains muddled. Trump posted that Iran is in a bad shape and wants a deal. On the other hand, the WSJ published a lead article where it said Trump has chosen not to escalate nor withdraw, but to continue the blockade for an extended period to bring Iran to the negotiation table. Asian markets are down this morning on the US tech sell off impact and on higher oil prices continuing".
However, he cautioned that with a long weekend ahead and ongoing uncertainty, markets may remain shallow in the near term.
Sector-wise, all major indices on the NSE opened in the green. Nifty Auto rose 0.95 per cent, Nifty FMCG gained 0.43 per cent, Nifty Pharma was up 0.61 per cent, Nifty IT increased 0.54 per cent, and Nifty Media advanced 0.67 per cent in early trade.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said that while there are important developments in the Gulf region, the energy crisis caused by the closure of the Strait of Hormuz remains unresolved.
He said, "Even though there are important developments happening in the Gulf region, there is no solution to the energy crisis caused by the closure of the strait of Hormuz. UAE's decision to quit OPEC might have a bearing on crude prices in the medium term but it is unlikely to ease crude prices in the near-term. There are indications that the US-Iran stand off may continue much longer".
He added that Brent crude high price is negative for India, and as long as oil prices remain elevated, risks to growth and inflation will persist.
At the time of filing this report, Brent crude was trading at around USD 111 per barrel, continuing to remain at high levels.
Meanwhile, several companies, including Bajaj Finance, Adani Power, Vedanta, Indian Bank, Waaree Energies, Federal Bank, Indian Overseas Bank, Schaeffler India and Motilal Oswal Financial Services, are set to announce their quarterly earnings for the fourth quarter of FY26 on Wednesday.
In other Asian markets, a mixed trend was seen. Singapore's Straits Times declined 0.52 per cent to 4,862, Taiwan's weighted index fell 0.59 per cent to 39,371, while Hong Kong's Hang Seng index rose 1.10 per cent to 25,962 and South Korea's KOSPI index gained 0.20 per cent to 6,652. (ANI)

(This article was generated from news agency ANI without modifications to the text.)