Indian Stock Markets on Monday opened with minor gains taking cues from the renewed geopolitical tensions in the West Asia region, and weakness across Asian markets and rise in the crude oil prices.

At 9:20 AM, Sensex was up by 53.86 points or 0.07% at 77,154.33 while Nifty was at 24,097.80, up by 41.80 points or 0.17%.

In the early trade, GIFT Nifty was trading at 24,098 up just 1.5 points or 0.01 percent.

S&P 500 slipped 0.05 percent, the Nasdaq Composite fell 0.24 percent and the Dow Jones Industrial Average edged down 0.09 percent

Asian markets traded cautiously with MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent, while South Korea's Kospi dropped nearly 2 percent and Japan's Nikkei declined about 1 percent.

Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said, "Even while the ludicrous stand off between US and Iran continues with occasional strikes and threats by each country, Brent crude remains low at below $73, thanks to the unrestricted passage of ships through the Strait of Hormuz. This is a big macro positive for India and has the potential to impart resilience to the market."

"Additionally, there are two more factors that can continue to support the market. One, relentless FII selling which has been weighing on markets has abated. During the last nine trading days, FIIs were buyers in the cash market, though by small amounts. Two, the South Korean and Taiwanese markets, which have been attracting massive investments have turned weak and excessively volatile. Last week India outperformed both South Korea and Taiwan."

"But it is too early to conclude that the Indian market will continue to rally. A big concern now is the hugely deficient (43%) monsoon. If the monsoon revives and compensates for the deficit in the coming weeks, the market also will respond positively. In the coming days FY Q1 result expectations will influence the market. Lots of stock specific moves are likely," he added.

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