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Sensex and Nifty rise despite US-Iran tensions and crude oil prices nearing $100 per barrel (Img: Pinterest)
Mumbai: Indian stock markets started Friday’s trading session on a positive note, with benchmark indices Sensex and Nifty gaining over 0.2% despite ongoing concerns over US-Iran tensions and rising crude oil prices.
The Sensex opened at 76,657.02, while the Nifty 50 started trading at 23,910.90, showing resilience amid uncertain global cues.
The biggest challenge for markets remained the sharp rise in crude oil prices. Brent crude continued trading near $96 per barrel as geopolitical tensions between the US and Iran kept global energy markets under pressure.
Higher oil prices could increase India’s import bill and create inflation concerns, forcing investors to remain cautious.
The Indian rupee opened marginally stronger on Friday at 94.46 against the US dollar, compared to Thursday’s closing level of 94.49.
Currency movement remained closely linked to global oil prices and foreign investor sentiment.
Market experts believe Indian equities may continue to witness volatility due to global uncertainties, expensive crude oil and liquidity challenges.
G. Chokkalingam, Head of Research at Equinomics Research, said the market could face pressure due to high oil prices, IPO-related liquidity outflows and uneven rainfall affecting economic sentiment.
In the previous trading session, benchmark indices witnessed selling pressure.
The Sensex declined 417.49 points (0.55%) to close at 76,152.86, while the Nifty slipped 41 points to settle at 23,873.45.
Weakness in IT stocks and rising crude oil prices weighed on investor confidence.
Going ahead, investors will closely track developments around the US-Iran conflict, crude oil prices, foreign fund flows and upcoming economic data for the next market direction.
Despite global challenges, the early gains on Friday showed that Indian markets are attempting to hold their ground amid uncertainty.
