Stock Market Live Updates: Sensex, Nifty open higher (File Image)
Stock Market Live: Equity benchmark indices opened higher on Wednesday taking cues from US and APAC markets. BSE Sensex opened 213.65 points, or 0.29 per cent higher at 73,952.10 while Nifty 50 53.50 points, or 0.24 per cent higher at 22,421.50.
From the Sensex basket, Nestle, UltraTech Cement, Tata Steel, JSW Steel, Tata Motors and HDFC Bank were the major gainers.
International crude oil prices remain elevated after industry data showed a surprise drop in US crude stocks last week, a positive sign for demand. Brent crude futures gained 5 cents, or 0.06 per cent, to $88.47 a barrel and U.S. West Texas Intermediate crude futures climbed 8 cents, or 0.1 per cent, to $83.44 a barrel.
According to reports citing American Petroleum Institute figures, US crude inventories fell 3.237 million barrels in the week ended April 19.
More importantly, deescalating tension between oil rich Iran and Isreal have eased pressure off crude oil prices. “Recent reports suggest that both Iran and Israel consider the current operations concluded against one another, with no follow-up action required for now,” ING analysts said in a note.
Nifty 50 majors Hindustan Unilever Ltd (HUL), LTIMindtree and Axis Bank will report results today whereas Bajaj Finance, Maruti Suzuki will report earnings later this week.
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Following cues from US futures and easing geopolitical tension in West Asian, Asian shares rose following gains in the US markets, where strong earnings from some companies lifted investor sentiment.
US business activity cooled in April to a four-month low. S&P Global’s Composite PMI Output Index, which tracks the manufacturing and services sectors, said the activity fell to 50.9 this month from 52.1 in March.
First uploaded on: 24-04-2024 at 09:42 IST
