Indian Markets Soar at Open Amid Easing Geopolitical Tensions
The Indian stock market began the week on a strong note after a volatile previous week. The BSE Sensex opened around 76,650, up nearly 600 points, while the NSE Nifty50 started trading near 23,950, rising more than 150 points.
The positive opening was supported by global cues and signals from GIFT Nifty, which traded at 23,931, indicating a bullish start for benchmark indices. The rebound comes after crude oil prices tumbled amid easing geopolitical tensions in West Asia, with Brent crude dropping as much as 7.44% to an intraday low of $89.58 per barrel.
Market experts believe the recovery at the open should be viewed cautiously, as the broader market structure remains fragile after last week's sharp correction. Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted that the Nifty has slipped below its 20-day simple moving average, signalling continued weakness in the near term.
As long as the indices remain below their respective resistance levels, market sentiment is likely to stay cautious, according to Chouhan. He added that a sustained move above these levels could trigger a recovery towards the 24,000-24,100 zone on the Nifty.