Sensex Jumps Over 800 Points, Nifty Nears 24,000 As Crude Oil Prices Cool Amid Positive Global Cues

Market Updates Today: The domestic equity markets have started the week on a strong footing, with benchmark indices gaining over 1% in early trade amid easing global crude oil prices, improving risk sentiment and continued strength in domestic buying. The Sensex surged over 800 points, while the Nifty crossed the 23,950 mark in the opening trade, supported by broad-based buying across banking, auto, oil & gas and PSU stocks.

As of 9:20 am, the BSE Sensex jumped 850 points to open at 76,271.32, while the NSE Nifty rose 247 points to trade above the 23,950 level at 23,972.43.

The rally remained broad-based, with Nifty Bank emerging as the top performer among key indices. The banking gauge rose 1.41% to 54,816, while Nifty Financial Services gained

1.34%. Auto stocks also witnessed strong buying, with the Nifty Auto index rising 1.91%, making it the best-performing sectoral index in early trade. PSU Bank, Oil & Gas and Realty indices advanced 1.54%, 1.54% and 1.19%, respectively.

Broader markets remained firm, indicating healthy risk appetite among investors. Nifty Next 50 gained 1.16%, Nifty Smallcap 100 rose 1.11%, while Nifty Midcap 100 added 0.91%.

The India VIX, often referred to as the market’s fear gauge, declined sharply by 6.29% to 16.78, suggesting easing volatility concerns.

Among frontline stocks, M&M jumped 2.20%, Bajaj Finance gained 1.99%, HDFC Bank rose 1.74%, while Infosys and ICICI Bank advanced over 1%. On the losing side, Sun Pharma and TCS were among the few laggards.

A key positive for the market is the decline in crude oil prices, which is trading below $100 per barrel at nearly $98 per barrel, thus easing concerns around inflation, fiscal pressure and India’s import bill.

V K Vijayakumar, chief investment strategist at Geojit Investments Limited, said the market is reacting positively to expectations of a possible US-Iran deal, which may improve global oil supply and soften crude prices further.

“We are starting the week on a positive note. Crude has dipped by $5 to below $100 on expectations that US and Iran are close to a deal. The market will wait and watch for clarity and certainty since many similar expectations have been belied since the start of the war. If this expected deal holds and crude drifts down, that can turn out to be turning point for the market.”

He also highlighted that better-than-expected March quarter earnings and strong performance from digital platform companies are supporting sentiment. According to him, appreciation in the rupee from recent lows is another encouraging sign for foreign investor confidence.

Global Markets

Asian shares mostly rose Monday and oil prices plunged after US President Donald Trump said talks on ending the war with Iran are progressing. Japan’s benchmark Nikkei 225 surged 3.1 per cent in morning trading to 65,321.56. Australia’s S&P/ASX 200 added 0.4 per cent to 8,692.70. The Shanghai Composite edged up 0.4 per cent to 4,127.53.

Trading was closed in South Korea and Hong Kong for holidays marking Buddha’s birthday. Trading will be closed in the US on Monday for Memorial Day.