Indian Stock Market on Wednesday kicked off the session on a firm footing with the benchmark indices opening in the green led by buying interest across key sectors. The Nifty 50 reclaimed the 24,100 mark, while the Sensex surged over 320 points in early trade.
Among the sectors, all the indices were trading in the green, except metal. On Nifty, Eternal, Maruti Suzuki, ONGC, Dr Reddy's Labs, Coal India were among major gainers on the Nifty, while losers were Hindalco Industries, Asian Paints, SBI Life Insurance, Bajaj Finserv, ICICI Bank.
GIFT Nifty in the early trade was at 24,116, up just 16 points or 0.07 percent.
The Asian markets opened on a mixed note, with the broader MSCI Asia-Pacific index edging lower as investors turned cautious after recent record highs. Further, the US markets also closed lower overnight, with the Nasdaq falling nearly 1 percent and the S&P 500 declining about 0.5 percent.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited 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. Brent crude at $110 is negative for India. As long as crude price remains elevated, the downside risk to India’s growth and the upside risk to inflation will remain high."
"The market will also be closely watching the political developments after the state elections end today. The exit polls this evening might give indications of possible outcomes. The Fed decision today will be a pause in the light of the uncertainty surrounding the West Asia conflict and rising inflation. The message from the Fed chief will be more important."
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