Sensex, Nifty snap four-day losing streak; open higher on global cues

India’s benchmark equity indices, the BSE Sensex and the Nifty 50, snapped a four-day losing streak on Thursday, opening higher amid positive global market trends. 

The Sensex surged 550.27 points to open at 79,666.46, while the Nifty climbed 171.45 points to 24,651.95 in early trade. Gains were led by heavyweights such as Reliance Industries, Larsen & Toubro and Bajaj Finance, which were among the top contributors to the Nifty50 index. 

As of 9:36 a.m., the Nifty50 was trading 86.70 points, or 0.35% higher, at 24,567.20, while the Sensex was up 222.54 points, or 0.28%, at 79,338.73.

The Nifty Oil & Gas emerged as the top gainer among sectoral indices on Thursday, supported by gains in shares of Reliance Industries and Oil and Natural Gas Corporation. Most sectoral indices were trading in positive territory. The Nifty Auto, Nifty Pharma and Nifty Metal were each up about 1%, while the Nifty Realty rose 1.7%. On the other hand, the Nifty FMCG and the Nifty IT were trading in the red. 

Global markets rebound 

Most Asia-Pacific markets advanced in early trade on Thursday after an overnight recovery in US equities lifted investor sentiment. 

South Korea’s KOSPI jumped more than 12%, recouping losses from the previous session while Japan’s Nikkei 225 rose over 4%. 

In the US, the S&P 500 and the Dow Jones Industrial Average ended Wednesday’s session 0.78% and 0.49% higher, respectively. The Nasdaq Composite closed 1.29% higher, supported by gains in megacap technology stocks and upbeat US services sector data, according to Bloomberg. 

Oil extends rally, gold gains 

In commodities, Brent Crude extended its rally for a fifth straight session as concerns over supply disruptions persisted. 

Iran has threatened to target vessels passing through the Strait of Hormuz, raising fears of disruptions in one of the world’s most critical oil transit routes and leaving several refiners stranded. 

Brent crude rises 0.57%  

Brent crude was trading 0.57% higher at $82.98 per barrel. 

Gold prices also climbed more than 1% on Thursday as investors sought safe-haven assets amid escalating tensions between the United States and Iran. 

Meanwhile, the Indian rupee recovered 51 paise to trade at 91.54 against the US dollar in early trade.