In the early trade on Monday, Sensex gained 380.20 points at 77,044.41 while Nifty was 24,032.35 gaining 116.65 points or 0.49%. GIFT Nifty was trading at 24,140, up 186 points or 0.77 percent. The positive signal comes despite lingering geopolitical concerns and elevated crude oil prices, as global cues remain supportive.

Shares of One 97 Communications fell sharply in early trade, trading at Rs 1,077, down 6.1 percent, after the Reserve Bank of India cancelled the licence of Paytm Payments Bank.

The Asian markets were also trading higher in early trade. Japan’s Nikkei and South Korea’s Kospi hit the record highs, tracking gains on Wall Street. US markets ended mixed but the S&P 500 and Nasdaq closed at record highs.

Crude oil prices rising nearly 2% as peace talks between the United States and Iran stalled and the supply through Strait of Hormuz remained affected. Brent crude futures rose $2.16, or 2.05%, to $107.49 a barrel by 2346 GMT, the highest since ‌April 7, ⁠and U.S. ⁠West Texas Intermediate was at $96.17 a barrel, up $1.77, or 1.88%.

Vinod Nair, Head of Research, Geojit Investments Limited on market open said, "With the geopolitical situation showing no improvement and crude inching higher the implications for India’s macros and markets continue to be negative in the near-term. Markets will continue to remain volatile responding to news."

"Even though geopolitics and energy crisis are dominating the news a major factor impacting stock markets continues to be the AI trade. The US market, driven by AI trade, is at record highs and Nvidia has crossed market cap of $ 5 trillion. AI leaders like South Korea and Taiwan are attracting huge FPI flows at the cost of emerging markets like India. It is important to understand that one stock in Taiwan (TSMC) and two stocks in South Korea ( Samsung and SK Hynix ) account for lion’s share of the portfolio flows into these two countries. This is unlikely to continue for long. Any reversal of AI trade will also alter the direction of portfolio flows."

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