The Nifty50 and the Sensex rose at open, tracking a rise in Asian peers as traders hope for the tension in West Asia to de-escalate. The Nifty50 was trading 0.48 per cent or 115.35 points higher at 24,021.85, and the Sensex was trading 0.41 per cent or 315 points higher at 76,979.17.
Broader markets outperformed the benchmark indices. The Nifty MidCap and the Nifty SmallCap indices were trading 1.16 per cent and 1.05 per cent higher, respectively.
Sector-wise, the Nifty Realty and the Nifty Pharma outperformed the benchmark indices. Meanwhile, the Nifty Private Bank and the Nifty Financial Services underperformed.
Global Cues
Markets across the Asia-Pacific region advanced on Monday after reports indicated that Iran had submitted a proposal to the US
aimed at reopening the Strait of Hormuz. Japan’s Nikkei 225 and South Korea’s Kospi touched fresh highs, rising 1.41% and 1.94%, respectively, reflecting improved investor sentiment.
Wall Street also offered supportive cues. Overnight, the S&P 500 and the Nasdaq Composite closed higher by 0.80% and 1.61%, respectively, while the Dow Jones Industrial Average ended marginally lower, down 0.16%.
In the commodities space, Brent crude oil trimmed some of its earlier gains following reports of diplomatic outreach by Iran. The April futures contract was still trading 1.3% higher at $107 per barrel, indicating continued supply concerns despite easing tensions.
Meanwhile, precious metals saw some profit booking. Gold and silver futures declined 0.59% and 1.70%, respectively, as risk appetite improved and safe-haven demand weakened.
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